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CUNA Mutual Sells Stake in Canadian Affiliate

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.

By Michelle A. Samaad | Updated on September 16, 2009

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.

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