CUNA Mutual Group’s New Mutual Holding Company Structure Effective Today
From CUNA Mutual Group Public Relations
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New Name, CMFG Life Insurance Company, Doesn’t Affect Ownership
MADISON, Wis. – Effective today, CUNA Mutual Insurance Society has reorganized to a mutual insurance holding company structure. As a mutual insurance holding company, CMIS is changing its legal name to CMFG Life Insurance Company.
Though there is a legal name change, there is no change in control. The company will continue to be mutually owned with the same policyholders having full ownership of the new parent mutual holding company entity. In addition, the new mutual holding company and its subsidiaries will continue to use the trade name “CUNA Mutual Group.”
In October, the Iowa Insurance Commissioner approved CUNA Mutual Group’s plan for a new mutual ownership structure, which was approved by more than 90 percent of policyholders in September.
“The conversion to a mutual holding company structure maintains policyholders’ rights and significantly enhances our ability to compete and serve,” said Jeff Post, president/CEO of CUNA Mutual Group. “This is a natural and positive next step in our continuing commitment to credit unions and to the successful and proven strategy we have been pursuing in recent years.”
Insurance policies and annuity contracts remain the same, and policyholder benefits and rights will not be reduced or altered in any way. Nor will premiums increase as a result of the MHC reorganization.
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 Group’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 website at www.cunamutual.com.
CUNA Mutual Group is the marketing name for CUNA Mutual Holding Company, a mutual insurance holding company, its subsidiaries and affiliates. Life, accident, health and annuity insurance products are issued by CMFG Life Insurance Company. Property and casualty insurance products are issued by CUMIS Insurance Society, Inc. Each insurer is solely responsible for the financial obligations under the policies and contracts it issues. Corporate headquarters are located in Madison, Wis.