The transaction was completed on December 31, 2009. Upon execution of agreements between Co-operators Life and Central 1, expected to be completed by March 31, 2010, The Co-operators group of companies will own approximately 73 per cent and Central 1 will own approximately 27 per cent of CUMIS.

All required approvals have been granted, and the transaction was unanimously approved by CUMIS' shareholders in November.

First announced in September 2009, the transaction will result in a Canadian-owned insurance company that provides products and services to Canadian credit unions and their members. Prior to this transaction, the majority shareholder of CUMIS was CUNA Mutual Group of Madison, Wisconsin. The pre-dividend distribution purchase price was C$245.4 million, subject to post-closing adjustments.

All existing CUMIS insurance policies remain in effect with no changes.