The supplier of wholesale financial services to B.C. and Ontario's credit unions has closed its acquisition of the Cumis Group with the Co-operators Life Insurance Company.
The Co-operators and Central 1 acquired Cumis from Madison, Wisconsin-based CUNA Mutual Group for $245.4 million. The deal closed on December 31 and received unanimous approval from Cumis shareholders in November.
The Co-operators will own approximately 73% of Cumis and Central 1 will own the remaining 27% stake in Cumis, which provides insurance products and wealth management services to Canadian credit unions.
Central 1's participation in the deal is a strategic investment for the credit union central for nearly 200 member credit unions in B.C. and Ontario.
According to Don Rolfe, Central 1's president and CEO, "This acquisition will provide growth opportunities by building on our relationship with credit unions."