MADISON, Wis. — CUNA Mutual Group is examining a merger between two of its parts, CUNA Mutual Life Insurance Company, based in Waverly, Iowa, and CUNA Mutual Insurance Society, based in Madison, Wis.
The Waverly office is one of CUNA Mutual Group's three main customer contact centers. It also houses its broker/dealer, CUNA Brokerage Services. CUNA Mutual Life also handles the life insurance business. CUMIS is in Madison and the company that writes the credit union bond insurance, D&O, and others.
A merger would give the combined company more financial strength as all its assets would be under one umbrella. It would also streamline the corporate structure, which CUNA Mutual Group said would create efficiencies.
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As part of the exploration, CUNA Mutual is considering changing the state of domicile of CUMIS and CUNA Mutual Life to Iowa. Currently they are regulated in Iowa and Madison. The Iowa regulations provide more flexibility, CUNA Mutual said.
It plans to bring a merger plan to policy owners by the end of the year.
The CUNA Mutual corporate headquarters would remain in Madison and there would be no change in jobs as the result of domiciling the insurance companies in one state. The company will take the plan to policy owners for a vote before year-end.
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