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CU System
Acquisition of Canadas CUMIS Group completed
BURLINGTON, Ontario (1/7/10)--Cooperators Life Insurance Company and Central 1 CU of Vancouver, B.C., announced the acquisition of The CUMIS Group Limited Co-operators Life Insurance Company was completed Dec. 31. Prior to the transaction, the majority shareholder of CUMIS was CUNA Mutual Group of Madison, Wis. (Market News Publishing Jan. 4). CUMIS provides 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, and wealth management services and products, including credit union group retirement plans. The pre-dividend purchase price was $254.4 million, subject to post-closing adjustments. Cooperators will own about 73%, and Central 1 will own about 27% of CUMIS. “This acquisition will provide growth opportunities by building on our relationships with credit unions,” said Don Rolfe, president/CEO of Central 1. “We believe this is a strategic investment that offers the potential to improve our members' experience and create value for them.” All existing CUMIS insurance policies remain in effect with no changes, CUMIS said.


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