BURLINGTON, ON, Jan. 26, 2006 – The CUMIS Group and The Co-operators are celebrating the 20th anniversary of an historic and highly successful joint venture that has strengthened the Canadian co-operative financial system.
The two insurers launched the Credit Union Insurance Services (CUIS) program in January, 1986. Through it, they provide credit unions and their members with a wide range of insurance products, business development programs, and financial support services. The program provides corporate insurance coverage to more than 600 credit unions and their members across Canada.
“CUIS is a highly successful partnership that has stood the test of time,” said Michael Porter, president and CEO of the CUMIS Group and CUIS venture manager. “It solidifies a long-term business partnership with credit unions while providing revenue opportunities and business solutions.”
Twenty years ago, CUIS returned $3.4 million to credit unions and caisse populaires. Since then it has blossomed into a successful business enterprise that distributes $80 million in reimbursements and offers a wide variety of insurance products and specialized services. The two insurance organizations share equally in the financial results and costs of the program.
“For 20 years CUIS has supported credit unions and caisse populaires, helping them remain at the forefront of the competitive financial marketplace,” said Kathy Bardswick, president and CEO of The Co-operators. “It’s a win/win situation – a win for CUMIS and The Co-operators and, most important, a win for credit unions.”