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CUNA Mutual sells equipment insurance business
MADISON, Wis., and CINCINNATI (7/6/11)--CUNA Mutual Group has sold its equipment insurance business, based in Wauwatosa, Wis., to Great American Insurance Group of Cincinnati. Great American announced Friday it has entered into an agreement with CUNA Mutual to offer its equipment management products to organizations such as credit unions that previously purchased the Equipment Maintenance Insurance product underwritten by CUMIS Insurance Society Inc. CUMIS is a member of CUNA Mutual. Great American said it expects the transaction to expand its market share in equipment management for the credit union and financial services segments. Under the agreement, Great American will immediately assume responsibility for the underwriting and servicing of the CUNA Mutual portfolio and for the operations and staff in the Wauwatosa offices. CUNA Mutual said it was important to find a buyer with the same level of commitment to credit unions and their members. Noting that Great American “is dedicated to this line of business, has a great service reputation and strong financial strength ratings,” John Wallace, CUNA Mutual vice president of credit union protection, said, “We know our customers will be well taken care of.”
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