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.
On July 9, CUNA Mutual announced that institutional investors had purchased $85 million in fixed-rate, 20- year surplus notes to support its credit union market and diversification strategies including acquisitions and/or investment in business-to-consumer initiatives in the CU marketplace.
Since the agreement was a private placement, CUNA Mutual did not name the six investors, which are predominantly from the insurance industry with at least one pension fund represented, according to Jim Buchheim, vice president, corporate communications/public relations at CUNA Mutual.
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