Central 1 Credit Union and The Co-operators are pleased to announce that they have reached an agreement to transfer the ownership of Credit Union Advantage Insurance Brokerage Ltd. (CUAIB) to The Co-operators. Concurrent with this, CUMIS, a fully owned subsidiary of The Co-operators, will become the insurer for coverages currently underwritten by CUPP Services Ltd. (CUPP) upon expiry of the current policy terms.
The decision to transition this line of business was driven by the best interests of the credit union system and is part of Central 1’s evolution to a more agile and streamlined service delivery structure.
“CUPP has been in operation in B.C. for more than 20 years and over that time delivered exceptional services to B.C. credit unions, including keeping insurance costs down, service levels to credit unions at a high level, and oversight provided by many volunteers, providing excellent value to B.C. credit unions. In recent years, insurance markets are changing, competition increasing and risk exposures evolving. The CUPP board investigated various options to provide insurance services to B.C. credit unions and decided the CUMIS transfer agreement is in the best interest of credit unions,” says Jody Burk, Board Chair of CUPP.
For more information, please see The Co-operators news release.