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CUNA Mutual Group Board Approves Plan For New Mutual Ownership Structure
NEWS RELEASE
From CUNA Mutual Group Public Relations
www.cunamutual.com
For more information:
Jim Buchheim 608.232.6327 jim.buchheim@cunamutual.com
Rick Uhlmann 608.231.8940 rick.uhlmann@cunamutual.com
MADISON, Wis. — A new mutual ownership structure approved by CUNA Mutual Group’s Board of Directors will enhance capital flexibility and improve CUNA Mutual’s ability to grow company President/CEO Jeff Post said today.
Post said the Board unanimously approved a plan at its June meeting to convert CUNA Mutual Insurance Society (CMIS) from a mutual insurance company structure to a mutual holding company (MHC) structure. In the mutual holding company structure, CUNA Mutual will continue to be mutually owned with policyholders having full ownership of the MHC.
“The mutual holding company structure significantly improves our ability to access capital and to sustain the responsible growth we need without requiring that we move away from a mutual ownership structure and culture,” Post said.
The Board indicated it believes in a mutual ownership structure, but sees the mutual holding company structure providing more power to successfully implement the company’s strategy and improve its financial strength and long-term growth.
The mutual holding company plan must be approved by a two-thirds majority of a policyholder vote. The plan also requires regulatory approval.
CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual’s vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. More information on the company is available on the company’s Web site at www.cunamutual.com.
CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wis.