MADISON, Wis. – CUNA Mutual Group announced yesterday it is selling its Equipment Maintenance Insurance line to Great American Insurance Group.
Great American expects this transaction to expand its market share in equipment management for the credit union and financial services segments. Under the agreement, Great American will immediately assume responsibility for the underwriting and servicing of the CUNA Mutual portfolio and for the operations and staff in the Wauwatosa, Wisconsin offices.
The acquisition supports Cincinnati-based Great American’s strategy of building specialty insurance businesses and it allows for quick expansion of an already successful niche business targeted for growth.
Financial terms of the deal were not disclosed.
