The Co-operators Group Ltd. is acquiring full ownership of the Cumis Group Ltd. from its co-owner Central 1 Credit Union.
Since 2009, Central 1 has shared ownership of the Cumis Group with the Co-operators. The move makes both the Cumis General Insurance Co. and the Cumis Life Insurance Co. fully owned subsidiaries of the Co-operators.
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“This change simplifies our structure and operations,” said Rob Wesseling, president and chief executive officer of the Co-operators, in a news release. “We continue to enjoy a strong relationship with Central 1 through our shared interest in Aviso Wealth and mutual commitment to credit unions.”
The Co-operators will retain the Cumis brand in the credit union marketplace. Immediately following the transaction, which is expected to close on March 31, the Cumis General Insurance Co. will undergo restructuring to become a subsidiary of the Co-operators.