For more information: 
Rick Uhlmann 608/231-8940 rick.uhlmann@cunamutual.com
Jim Buchheim 608/232-6327 jim.buchheim@cunamutual.com
            
Sept. 5, 2007

CUNA Mutual Group Acquires Minority Ownership in Crop Insurer
Investment in Pro Ag Strengthens Ability to Distribute Crop Insurance Nationwide

MADISON, Wis. – CUNA Mutual Group has reached an agreement to purchase a minority ownership share in Producer’s Ag Insurance Group (Pro Ag), an Amarillo, Texas-based crop insurer.

In August of 2006, CUNA Mutual and Pro Ag entered into an agreement with Pro Ag to provide Multi-Peril Crop Insurance coverage to farmers and agricultural producers nationwide, with CUNA Mutual serving as the lead reinsurer and in some cases as a direct writer of crop insurance, in partnership with Pro Ag. 

“Our decision to acquire a minority ownership share in Pro Ag solidifies our partnership and signals to agricultural producers CUNA Mutual’s long-term commitment to Pro Ag and the crop insurance market,” said Jeff Post, president & CEO of CUNA Mutual.  “Our partnership has already helped both organizations grow – growth that will be strengthened with our investment in Pro Ag.”

The agreement with CUNA Mutual allowed Pro Ag to expand its business nationwide and continue to grow its revenues. With its minority ownership, CUNA Mutual will have a position on Pro Ag’s Board of Directors.

“Pro Ag is delighted to have CUNA Mutual as our new shareholder.  We look forward to furthering our relationship through CUNA Mutual’s investment and joining our Board of Directors,” said Ben Latham, Pro Ag president. “We believe the platform we have built, with CUNA Mutual’s support and expertise, will position Pro Ag for further growth opportunities.”

Crop insurance protects farmers from financial losses that result from natural causes such as drought, excessive moisture, hail, wind, frost, insects and disease. Multi-Peril Crop Insurance is a $5-billion industry in the U.S.

“Our investment in Pro Ag and the crop insurance business is an example of CUNA Mutual growing in the right direction,” Post said.  “At the same time we build capacity for growth, we remain firmly committed to the credit union market.  The values that have served us well with credit unions will also serve as strengths in serving America’s farmers.”

Pro Ag is a writer of federally sponsored Multi-Peril Crop Insurance (MPCI) and private Crop Hail Insurance. For more than 80 years, Producers Ag has served farmers and agents, while becoming an industry leader in the technology critical to today’s marketplace. Pro Ag is the ninth-largest writer of MPCI and the sixth-largest writer of crop hail coverage in the country. For more information, visit www.proag.com.

CUNA Mutual Group is the leading provider of financial products and services to credit unions and their members worldwide. More information on the company is available at www.cunamutual.com.