DUBLIN, Ohio – Credit union private insurer American Share Insurance can now serve Texas state charters.
ASI, which currently operates in eight states-Alabama, California, Idaho, Illinois, Indiana, Maryland, Nevada and Ohio-provides private insurance to 184 credit unions covering $13.4 billion in shares.
ASI President Dennis Adams said there was some interest among Texas CUs in private insurance which helped push through regulatory approval. Adams noted that Texas' 225 state charters have an average asset size of approximately $74 million, which mirrors ASI's average CU client at $73 million. "They very much reflect our overall statistics," said Adams.
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Adams said Texas had its own private insurer-the Texas Shared Guarantee Credit Union-until the early `90s when it was dissolved.
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