Co-operators, B.C. credit union to buy Cumis for $232M

Co-operators Life Insurance Co. has teamed with a B.C. credit union to buy insurer Cumis Group Ltd. for $232 million.

Co-operators Life Insurance Co. has teamed up with a B.C. credit union to buy insurer Cumis Group Ltd. for $232 million.

The deal between Regina-based Co-operators and Vancouver-based Central 1 "will result in a strong, Canadian-owned supplier of insurance products and services to Canadian credit unions and their members," the companies said in a news release.

Co-operators and Cumis have a pre-existing business relationship, whereby Cumis provides insurance products to 5 million Co-operators customers at 450 credit unions across the country.

The transaction will not affect current Cumis plans in any way, the companies said Thursday.

The deal would see Co-operators controlling roughly 73 per cent of Cumis, with Central 1 controlling the remainder.

Cumis provides a range of insurance products, including credit, mortgage, personal home and auto insurance.

Cumis is controlled by Madison, Wisc.-based CUNA Mutuals Group, which fully supports the proposed transaction.