For more information:
Phil Tschudy 608/231-7188 philip.tschudy@cunamutual.com
Maripat Blankenheim 608/232-6539 maripat.blankenheim@cunamutual.com
Oct. 4, 2007
CUNA Mutual Group Forms Alliance With Liberty Mutual To Enhance Workers' Compensation Offerings For Credit Unions
CUNA Mutual’s New Program Provides Credit Unions Additional Risk Management Tools
MADISON, WI – Credit unions across the United States can better protect their employees and financial risk as a result of CUNA Mutual Group’s alliance with Liberty Mutual, the nation’s second-largest workers' compensation provider.
“CUNA Mutual is a leader in credit union protection and loss prevention products and programs,” said Jack Goodwin, senior vice president, Commercial Products, CUNA Mutual. “Our comprehensive approach to credit union protection, supported by Liberty Mutual’s workers' compensation scale and expertise, will allow CUNA Mutual to better serve credit unions’ overall risk management needs. It’s another example of our commitment to providing credit unions with best-in-class products.”
To support CUNA Mutual’s enhanced program, Liberty Mutual will underwrite policies, process claims and provide loss prevention services, while CUNA Mutual will continue to manage the program and distribute the product to credit unions, Goodwin said.
According to Nancy Glennon, managing director for Liberty Mutual, “This arrangement lets us efficiently bring our workers' compensation solutions to the credit union market. Given the competitive financial services market, credit unions are keenly interested in keeping their financial results strong and employees safe through proven strategies to manage claims, control medical costs, return injured employees back to work and prevent workplace accidents.”
CUNA Mutual’s new offering in conjunction with Liberty Mutual becomes effective for new policies Jan. 1, 2008, and for policy renewals beginning March 1, 2008, subject to regulatory approvals.
CUNA Mutual and its subsidiaries serve nearly 95 percent of credit unions with protection products. The alliance will enable CUNA Mutual to serve the workers' compensation needs of credit unions in all 45 private-market states.
“We felt it was important to find a provider that would help us expand our workers' compensation program to serve credit unions in all private-market states. Our relationship with Liberty Mutual is designed to bring more value-added workers' compensation services to credit unions and help reduce, or even prevent, their related losses,” Goodwin said.
In addition to collaborating on workers' compensation, CUNA Mutual has a successful, nine-year relationship with Liberty Mutual providing credit union members with auto and homeowners’ insurance through its MemberCONNECT program.
About CUNA Mutual Group
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 on the company’s Web site at www.cunamutual.com.
CUNA Mutual Insurance Agency, Inc., an affiliate within the CUNA Mutual Group, is the marketing agent licensed to broker Property and Casualty coverages including Workers' Compensation coverage.
About Liberty Mutual Group
Boston-based Liberty Mutual Group is a diversified global insurer and sixth largest property and casualty insurer in the U.S. based on 2006 direct written premium. The Company also ranks 95th on the Fortune 500 list of largest corporations in the U.S. based on 2006 revenue. As of December 31, 2006, Liberty Mutual Group had $85.5 billion in consolidated assets, $74.6 billion in consolidated liabilities, and $23.5 billion in annual consolidated revenue.
Liberty Mutual Group offers a wide range of insurance products and services, including personal automobile, homeowners, workers compensation, commercial multiple peril, commercial automobile, general liability, group disability, fire, surety and a diverse range of specialty products in many classes of business including: marine, energy, engineering, casualty, professional liability and directors & officers insurance.
Liberty Mutual Group (www.libertymutual.com) employs over 40,000 people in more than 900 offices throughout the world.
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