The Co-operators Life Insurance Co., which bought CUMIS Group Ltd. in 2009, has announced its plans to acquire another Canadian credit union insurance subsidiary.
The Co-operators said it has plans to buy G&F Financial Group's general assets and Autoplan appointment. G&F is a division of Gulf and Fraser Fisherman's Credit Union, which has more than $1 billion in assets under administration.
G&F Financial Group will continue to provide life, disability, critical illness and credit insurance to members through G&F Insurance Services' subsidiary.
The deal, which would increase the Co-operators' presence in British Columbia where 45 of its 512 insurance and financial advisers in Canada are currently located, is subject to regulatory approval and is expected to close June 30, according to the insurance company.
“Not unlike other credit unions in our region, we recognized that a strong general insurance offering would require a significant internal investment, which would exceed the revenue we could generate from the business,” said Bill Kiss, co-CEO of G&F, in a statement. “We opted to free up capital and use it to modernize and expand our branch network instead.”
In 2009, the Co-operators, along with Central 1 Credit Union, bought CUMIS. The insurance firm was once majority-owned by CUNA Mutual Group.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
