Central 1 Credit Union will remove its ownership interest in CUMIS insurance operations, which it has shared with Co-operators Group Ltd. since 2009.
CUMIS General Insurance Co. and CUMIS Life Insurance Co. will become fully owned subsidiaries of Co-operators Group, which will retain the CUMIS brand in the credit union marketplace. Immediately following the transaction, CUMIS General Insurance Co. will be restructured to become a subsidiary of Co-operators General Insurance Co.
Central 1 CEO Mark Blucher said the transaction will allow the credit union to focus its attention and resources on banking and payments services.
The transaction is expected to close March 31.