After a 41 year run, CUNA Mutual Group is pulling its operations out of Australia through a sale to an international insurance firm based down under.

CUNA Mutual Group said it has reached an agreement in principle to sell its Australian business operations to QBE Insurance Group. QBE Australia is a member of the QBE Insurance Group, Australia's largest international insurance and reinsurance group and one of the top 25 global insurers and reinsurers as measured by gross written premium, according to CUNA Mutual. QBE Australia has more than 50 offices spanning each state and territory in Australia.

As part of its strategic review process, CUNA Mutual said it concluded its Australian business would be better positioned to serve its customers and for future growth under a different ownership structure. The company has had business operations in Australia since 1969, serving approximately 100 credit union and similar financial cooperative customers.