MADISON, Wis. – CUNA Mutual Group announced yesterday the sale of its majority stake in The CUMIS Group Ltd., its Canadian subsidiary, to Co-Operators Life Insurance Co., a long-time partner, and Central 1 CU, a Canadian central credit union.
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The sale price for CUNA Mutual’s 87% stake in CUMIS Group was $214 million.
CUMIS Group, which became a CUNA Mutual affiliate in 1977, has almost $1 billion in assets and its principal businesses are CUMIS Life Insurance Company and CUMIS General Insurance Company, which provide insurance products throughout Canada from Burlington, Ontario offices.
