“It's not a product we were good at there,” Patzner said. “Right now, in the United States, we partner with Liberty Mutual. We're not sure we were providing a service when there were other better players in the [motor and home] marketplace.”

Patzner said another motive for selling its operations in Australia was because of the decline in credit unions in the country over the past 10 to 15 years. According to WOCCU, there were 111 credit unions with a combined $42 million in assets and more than 3.4 million members in Australia as of 2009.

About a year ago, Patzner said CUNA Mutual started looking at “others who could do it better” in Australia and began discussions with QBE last summer. Both companies have signed the contracts and the closing is scheduled for March 31. On closing day, QBE will own CUNA Mutual's life insurance plans and motor and home plans will renew through the firm. Almost all of the 84 employees will be offered employment with QBE, Patzner said.

“Our Australian operation is strong and well-positioned for growth under QBE to leverage QBE's core strengths in the property casualty market and existing presence in the Australian market,” Patzner said.

CUNA Mutual's international operations in Europe and the Caribbean will not be affected by the Australian operation acquisition, according to the company.

“The European and Caribbean businesses provide CUNA Mutual a source of diversification at a time when our core U.S. credit union market is facing industry and economic pressure,” Patzner said.

Over the past few years, CUNA Mutual has engaged in a number of transactions. Last year, the company partnered with Esurance, a direct-to-consumer car insurance company with more than 500,000 policyholders. In 2010, it also entered into an agreement with institutional investors to issue $85 million in fixed-rate, 20-year surplus notes to support its credit union market and diversification strategies in an effort to drive more growth.

In 2009, it established a business development unit that completed the purchase of CPI Qualified Plan Consultants, a 401(k) provider. That same year, it also acquired ProAg, a crop insurer it first partnered with in 2007. In the retirement services area CUNA Mutual has said there are more opportunities to acquire books of business and fold them into its current business model.

Patzner said CUNA Mutual is constantly looking at opportunities and making adjustments with its 100-plus product portfolio including possibly exploring more acquisitions.