Once majority-owned by CUNA Mutual Group, the acquisition of CUMIS Group Ltd. was completed on Dec. 31, the company's buyers Canada-based Central 1 Credit Union and Co-Operators Life Insurance Co. said.
Announced on Sept. 17, 2009, the transaction will provide insurance products and services to Canadian credit unions and their members. The predividend distribution purchase price was $245.4 million, subject to post-closing adjustments, according to the acquiring companies.
Prior to the acquisition, the majority shareholder of CUMIS was CUNA Mutual. CUMIS became an affiliate of CUNA Mutual in 1977. Its principal companies are CUMIS Life Insurance Co. and CUMIS General Insurance Co. At the time of the acquisition announcement, CUNA Mutual President/CEO Jeff Post said the sale would help improve the company's financial strength and simplify its business while allowing it to pursue new avenues of growth.
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