CUNA Mutual Group said it is selling the majority ownership of its independently managed affiliate The CUMIS Group Ltd. to a business partner of the Canadian company and a Canadian credit union central.
CUMIS's board of directors decided to enter into an agreement with Co-operators Life Insurance Co., and Central 1 credit union, who will assume full ownership of CUMIS by the end of the year, according to CUNA Mutual. The sale amount was not disclosed.
CUMIS became an affiliate of CUNA Mutual in 1977. The company provides insurance and financial solutions to the Canadian credit union system. Its principal companies are CUMIS Life Insurance Co. and CUMIS General Insurance Co.
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