MADISON, Wis. — The Iowa Insurance Commissioner has approved the merger of the CUNA Mutual Life Insurance Company with the CUNA Mutual Insurance Society, clearing the way for the insurer to consolidate two of its branches into one.
"The merger approved by policyholders and the state of Iowa will create a larger and financially stronger mutual insurance company," said Jeff Post, president and CEO of CUNA Mutual Group. "The combined companies will make CUNA Mutual Group more efficient, stronger and better able to meet the needs of credit unions and their members."
Policyholders of CUNA Mutual Insurance Society (CMIS) and CUNA Mutual Life Insurance Company (CMLIC) overwhelmingly approved merging the two entities on April 20, 2007, and Aug. 2, 2007, respectively. The state of Iowa announced its approval of the merger Sept. 6.
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CUN Mutual said that CMIS and CMLIC have operated on an affiliated basis since 1990 when the two companies signed an Agreement of Permanent Affiliation and that a merger has bee a possibility for years. As a result of recent changes in tax law, merging the two companies will produce a one-time federal tax savings in the range of $15 million to $20 million and an annual savings of about $500,000, the insurer added. –
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