Jim Buchheim changes companies, stays in Madison.
CUNA Mutual Group and the Arizona Department of Insurance announced a deal last week that, should it pass regulatory muster, will both resolve questions about CMG Mortgage Insurance’s financial foundations and lead to the rise of a newer and stronger CMG MI, CMG said.
Sale of jointly owned mortgage insurer will take a while to finalize because of bankruptcy complications of partner firm.
CUNA Mutual Group’s third annual, daylong “Online Discovery Conference” is scheduled for Oct. 9.
Third-annual virtual confab features full video and audio for all sessions, still free.
While the 550,000 policyholders of the newly restructured CMFG Life Insurance Co. may not see any substantial changes, the firm’s parent company is looking forward to how the move will help it diversify and expand beyond the credit union industry.
CUNA Mutual Insurance Society, CUMIS Insurance Society and MEMBERS Life Insurance Co., have filed suit against RBS Securities Inc. claiming that the firm made false representations of its offering documents at the time that more than a dozen residential mortgage-backed securities were purchased by the three plaintiffs.
Company accuses RBS Securities of "inducing" it to buy certificates through false representations.
Building capital for future projects, CUNA Mutual Group said it has entered into an agreement with institutional investors to issue $85 million in fixed-rate, 20-year surplus notes.
With $85 million in newly-raised capital, CUNA Mutual Group has its sights set on more acquisitions adding to the 401(k) provider and crop insurer companies it bought in 2009.