Canadian Insurance Firm Acquires Credit Union Broker
EGI Financial Holdings Inc., a Canadian international specialty insurer, said it has acquired CUISA Managing General Agency Corp., a British Columbia specialty insurance operation.
Founded in 1996, CUISA MGA provides insurance services to 160 credit union-owned insurance broker offices in British Columbia.
The firm has been an authorized distributor for EGI's subsidiary, Echelon General Insurance Co., since 2006, according to EGI.
Terms of the deal were not disclosed. EGI said the transaction closed May 4.
In 2009, Canada was the location of another insurance acquisition involving credit unions. CUMIS Group Ltd, once a majority shareholder owned by CUNA Mutual Group, was bought by Central 1 Credit Union and Co-Operators Life Insurance Co.
At the time of the acquisition, Central 1 had more than $10 billion in assets. It is the central liquidity facility and trade association for nearly 200 member credit unions in British Columbia and Ontario, Canada.
The Co-operators, a cooperative focused on insurance and investment products for consumers, is owned by a group of Canadian cooperatives and credit union centrals.