Guelph, ON (Apr. 4, 2019) — The Co-operators is pleased to announce that they have reached an agreement with Central 1 Credit Union (Central 1) to purchase Credit Union Advantage Insurance Brokerage Ltd. (CUAIB). Concurrent with this, CUMIS, a fully owned subsidiary of The Co-operators, will become the insurer for coverages currently underwritten by CUPP Services Ltd. (CUPP Services) upon expiry of the current policy terms.
This acquisition is part of an ongoing commitment by CUMIS to the credit union system and will provide a direct servicing relationship with British Columbia credit union partners for their corporate insurance needs. The portfolio is a program of insurance protection, including coverage for property and casualty, financial coverage and professional liability.
“This is another step forward for CUMIS in strengthening and growing our relationship with credit unions in British Columbia” says Bob Hague, President Credit Union Distribution, CUMIS. “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 the excess insurer for the insurance program for many years and is knowledgeable of the credit unions needs.
CUMIS will maintain a local office in BC to service the insurance program and will be working with the BC credit union system to create an insurance advisory committee.
About The Co-operators
The Co-operators Group Limited is a Canadian co-operative with more than $41.7 billion in assets under administration. Through its group of companies, it offers home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators is well known for its community involvement and its commitment to sustainability. The Co-operators is listed among the Best Employers in Canada by Aon Hewitt and Corporate Knights’ Best 50 Corporate Citizens in Canada. For more information, visit www.cooperators.ca.
Source: The Co-operators Group Ltd.Tags: Acquisition, CUMIS, The Co-operators