Canadian insurance company The Co-operators has signed an agreement with Central 1 Credit Union to acquire Credit Union Advantage Insurance Brokerage (CUAIB) for an undisclosed amount.
Simultaneously, CUMIS, a subsidiary of The Co-operators, will become the insurer for coverages presently underwritten by CUPP Services, after the expiry of the current policy terms.
According to The Co-operators, the deal is part of a commitment by CUMIS to the credit union system and will offer a direct servicing relationship with British Columbia credit union partners to cover their corporate insurance needs.
The portfolio is an insurance protection program and includes coverage for property and casualty, financial coverage and professional liability.
CUMIS credit union distribution president Bob Hague said: “This is another step forward for CUMIS in strengthening and growing our relationship with credit unions in British Columbia. Our team is excited to work directly with the credit unions to ensure they have the risk management and insurance protection they require. We’re committed to bringing the same exceptional service that the credit unions experienced with CUAIB.”
CUMIS has been acting as the excess insurer for the insurance program for several years and is claimed to be knowledgeable in the needs of credit unions.
CUMIS will maintain a local office in British Columbia to serve the insurance program and will work with the BC credit union system in creating an insurance advisory committee.
In January, The Co-operators acquired Redfords Insurance Brokers based in Pickering, Ontario. The company’s portfolio includes personal and commercial insurance policies. After the deal, any existing insurance coverage a client has, will be in effect for the current term of their policies.
The Co-operators claimed that Redfords clients will enjoy the service of the national insurance co-operative and will have access to a full suite of insurance products such as home, auto, life, travel and commercial.
Established in 1945, The Co-operators Group is a Canadian insurance co-operative, owned by 44 members including co-ops, credit union centrals and representative farm organizations.
Presently, the company has C$41.7bn ($31.2bn) in assets under management. Through its group of companies, the Co-operators offers home, auto, life, group, travel, commercial and farm insurance, along with investment products.