Co-operators Life Insurance Company and Central 1 Credit Union completeacquisition of The CUMIS Group Limited
Jan 4, 2010
The transaction was completed on
All required approvals have been granted, and the transaction was unanimously approved by CUMIS' shareholders in November.
"This is an exciting growth opportunity for Co-operators Life, which also strengthens our bonds with the Canadian credit union system," said Kathy Bardswick, President and CEO of The Co-operators Group Limited and the new CEO of CUMIS. "We look forward to meeting and exceeding the insurance needs of credit unions, caisses populaires and their members throughout the country in the years ahead."
CUMIS provides a full range of personal insurance, including credit and mortgage protection; life; disability and critical illness; home; auto; travel and employee benefits. It also provides business, liability and property insurance to credit unions themselves, as well as wealth management services and products, including credit union group retirement plans.
"This acquisition will provide growth opportunities by building on our relationships with credit unions," said
All existing CUMIS insurance policies remain in effect with no changes.
About Co-operators Life:
Co-operators Life Insurance Company, with its head office in Regina, is a wholly-owned subsidiary of The Co-operators Group Limited. Through its operating subsidiaries, The Co-operators offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators Group Limited is a 100 per cent Canadian-owned co-operative with assets of more than
About Central 1:
With more than
CUMIS partners with credit unions to deliver competitive insurance and financial solutions. In doing so, it creates financial security and promotes the growth and success of the credit union system in