Co-operators Life Insurance Company and Central 1 Credit Union to acquire TheCUMIS Group Limited
Sep 17, 2009
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. All existing CUMIS insurance policies remain in effect with no changes.
Co-operators Life is a wholly-owned subsidiary of The Co-operators Group Limited (The Co-operators). For 23 years, The Co-operators and CUMIS have had a joint insurance business venture, through which CUMIS provides insurance products and services to approximately 450 Canadian credit unions and caisses populaires, and their more than five million members.
Co-operators Life, based in Regina, Saskatchewan, and Central 1, headquartered in
"Our longstanding relationships with both CUMIS and Central 1, together with our shared commitment to the co-operative and credit union sector, make this a natural fit for The Co-operators," said Kathy Bardswick, President and CEO of The Co-operators. "As a Canadian-owned co-operative, we welcome the opportunity to forge even closer relationships with, and to provide quality insurance-related services to, credit unions and their members."
"This investment fits well with our vision and we are pleased to partner with The Co-operators in this business opportunity," said
"As the leading provider of insurance-related products and services to the Canadian credit union system outside
"The Co-operators, Central 1 and CUMIS share strong co-operative values along with a commitment to community and to the credit union system. This deal can only enhance our ability to continue to meet and exceed our customers' expectations."
"The time is right for all of the organizations involved to make this move," said
In addition to her role as President and CEO of The Co-operators Group, Kathy Bardswick will become CEO of CUMIS on closing of this deal.
About Co-operators Life:
Co-operators Life Insurance Company, with its head office in Regina, is a part of The Co-operators - a group of Canadian companies offering 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 CDN
About Central 1:
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
About CUNA Mutual:
CUNA Mutual Group is a leading provider of financial services to credit unions, their members and valued customers worldwide. With more than 70 years of commitment to credit unions, CUNA Mutual's vision is unwavering: to be a trusted partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company's Web site at www.cunamutual.com.