QBE to Acquire CUNA Mutual’s Australian Business
From CUNA Mutual Group Public Relations
For more information:
Rick Uhlmann 608.231.8940 email@example.com
Jim Buchheim 608.232.6327 firstname.lastname@example.org
MADISON, Wis. — CUNA Mutual Group has reached an agreement in principle to sell its Australian business operations to QBE Insurance Group.
As part of a strategic review process, CUNA Mutual concluded its Australian business would be better positioned to serve its customers and for future growth under a different ownership structure.
“The decision to sell our Australian operations aligns with the best interests of our policyholders and the Australian credit unions and cooperatives we serve. This decision is also consistent with CUNA Mutual’s efforts to focus on core products and markets where we bring differentiated value,” said Faye Patzner, SVP, CUNA Mutual’s head of International operations and the company’s chief legal officer. “Our Australian operation is strong and well-positioned for growth under QBE, to leverage QBE’s core strengths in the property casualty market and existing presence in the Australian market.”
The decision to sell its Australian business does not affect CUNA Mutual’s commitment to its remaining International operations in Europe and the Caribbean, which are well-positioned for growth within the company’s core product lines. “The European and Caribbean businesses provide CUNA Mutual a source of diversification at a time when our core U.S. credit union market is facing industry and economic pressure,” Patzner added.
QBE Australia is a member of the QBE Insurance Group, Australia’s largest international insurance and reinsurance group and one of the top 25 global insurers and reinsurers as measured by gross written premium. QBE Australia has more than 50 offices spanning each state and territory in Australia.
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, Wisconsin.