CUMIS and ProAg are subsidiaries of CMFG Life Insurance Co.
1, CUMIS officially reorganized to a mutual insurance holding company structure becoming CMFG Life Insurance Co.
To explain how CMFG
is poised to grow into new channels, Buchheim went back in history to when CUNA Mutual was founded in 1935 to serve credit unions.
Best has affirmed the FSR of A (Excellent) and ICRs of "a" for the following property/casualty subsidiaries of CMFG Life: CUMIS Insurance Society, Inc.
The rating affirmations reflect CMFG Life's continued position as the leading provider of life/health insurance products to members and employees of credit unions, its more than adequate risk-adjusted capitalization as measured by Best's Capital Adequacy Ratio (BCAR), consistently positive net operating gains and its strategic initiatives to grow ancillary lines of business to improve product and revenue diversification outside its niche credit union marketplace.
Mitigating some of these strengths are CMFG Life's volatility in statutory earnings performance in some of its business lines, its declining premium revenue over the last few years, partly due to strategically exiting non-core lines of business, and continued but reduced, exposure to structured securities and realized losses from investments.
The upgrading of MLIC's ratings acknowledges the new reinsurance agreement between MLIC and CMFG Life.
Headquartered in San Francisco and domiciled in Wisconsin, CMG MI is a 50/50 joint venture between CMFG
The ratings further reflect the financial flexibility and diversified operations of CMFG
Partially offsetting these positive ratings factors are CMFG
Life's moderate exposure to structured securities, which account for most of its unrealized investment losses, volatility in statutory earnings performance in some of its core and ancillary lines of business, primarily driven by economic conditions and declining revenue related to its core credit insurance products.
This company changed its name to CMFG Life Insurance Co.
This Canadian branch changed its name to CMFG Life Insurance Co.