The two credit union-owned insurers said the deal will "result in a strong, Canadian-owned supplier of insurance products and services to Canadian credit unions and their members."

The deal would see The Co-operators own between 63.8 and 73 per cent of CUMIS and Central 1 23.6 to 27 per cent of Cumis, subject to final adjustments.

Co-operators and Cumis have had a joint insurance business venture, through which Cumis provides insurance products and services to about 450 Canadian credit unions and caisses populaires, and their more than five million members.

Cumis provides personal insurance and business, liability and property insurance to credit unions themselves, as well as wealth management services and products, including credit union group retirement plans.

Existing Cumis insurance policies will remain in effect with no changes, the companies said.

The deal requires regulatory approvals, but current 87.4 per cent Cumis shareholder CUNA Mutual Group of Wisconsin has stated its approval.