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CMFG Ventures, LLC is the venture capital entity within CUNA Mutual Group that invests in strategic fintech and insurtech companies that support CUNA Mutual Group and the credit union industry.
CMFG Ventures has invested in companies such as MortgageHippo, Align Income Share Funding and CUnExus, Kaas noted.
In a CMfg system, three types of roles are involved in service transaction: service provider (SP), broker agent (BA), and service demander (SD).
Vendor: PMI Mortgage Insurance Company, CMFG Life Insurance Company (CUNA Mutual)
This agreement allows medical providers, who purchase products from Targeted Medical Pharma, with the option to assign certain accounts receivables from California Workers' Compensation benefit claims to CMFG at a discounted rate.
Brian Kaas, president and managing director, CMFG Ventures, based in Madison, Wis., said MortgageHippo will be valuable tool to allow credit unions to both cut costs and provide better service to members.
It is scheduled for completion within 12 months.Country: USASector: InsuranceTarget: CMG Mortgage Insurance Company (CMG MI), PMIa[euro](tm)s mortgage insurance operating platformBuyer: Arch US MI, Arch Capital Group LtdVendor: PMI Mortgage Insurance Co, CMFG Life Insurance Company (CUNA Mutual)Deal size in USD: 300mType: Corporate acquisitionStatus: Agreed
Life, accident, health and annuity insurance products are issued by CMFG Life Insurance company and MEMBERS Life Insurance company.
Trunzo has been promoted to president of CMFG Life Insurance Co.
The company and its subsidiaries, including CMFG Ventures, LLC, also invested in four additional fintech and insurtech startup companies, totaling 11 investments and USD 65 million in capital.
"The ratings further reflected the financial flexibility and diversified operations of CMFG," the credit ratings agency reported, according to CUNA Mutual.
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