The Co-operators plans to apply to the Department of Finance to merge the operations of its CUMIS subsidiary into its life insurance business.
The insurer intends to take advantage of the provisions of the federal Insurance Companies Act to merge the operations of its subsidiaries Co-operators Life Insurance Company and CUMIS Life Insurance Company. The most recent Canada Gazette mentions that this application is expected to be made in mid-September.
The merged company will be headquartered in Regina, Saskatchewan. The effective date of the proposed merger is Dec. 31, 2021.
CUMIS partners with credit unions and their members to deliver insurance products and services, primarily in Western Canada. The Co-operators acquired a portion of CUMIS in 2009 and the remainder of the business in 2018.
