For more information:
Phil Tschudy 608/231-7188 philip.tschudy@cunamutual.com
Rick Uhlmann 608/231-8940 rick.uhlmann@cunamutual.com
June 26, 2008
CUNA Mutual, Liberty Mutual Alliance Marks 10 Years
More Than $1.5 Billion in Property and Casualty Claims Paid to Members Since 1998
MADISON, Wis. – CUNA Mutual Group and Boston-based Liberty Mutual recently marked the 10th anniversary of a strategic alliance to offer auto, home and renters insurance to members of credit unions participating in CUNA Mutual’s MEMBERS Auto and Homeowners Program.
Since 1998, the MEMBERS Auto and Homeowners Program has helped individuals through losses and disasters by making $1.5 billion in claim payments, said Bill Jolicoeur, a CUNA Mutual vice president who has overseen the program for the company. Approximately 3,200 credit unions representing more than 38 million eligible members participate in the program.
“The fact that we’ve had a 10-year strategic alliance with an industry leader like Liberty Mutual shows strength and stability,” Jolicoeur said. “The relationship also needs to be celebrated because it helps credit unions build additional relationships with their members and improves credit unions’ bottom lines.”
Since its inception, the strategic alliance has generated more than $26 million in fee income for participating credit unions. In 2007 alone, the program paid credit unions $7.4 million in non-interest income, Jolicoeur said.
“If we didn’t have a partner like Liberty Mutual, we wouldn’t be able to effectively offer the MEMBERS Auto and Homeowners Program, which would mean individuals would have to find property and casualty coverage from providers that aren’t part of the credit union family.”
The alliance has been mutually rewarding for both companies, said Melanie Foley, Liberty Mutual vice president and manager, Direct Marketing. “CUNA Mutual brings the expertise in managing credit union relationships and marketing to credit union members, while Liberty Mutual brings innovative products, varied distribution channels and prompt and dependable claim service,” Foley said.
To commemorate the 10th anniversary of the alliance, each company donated a new guitar to a silent auction held last week during CUNA Mutual’s Discovery Conference in Hollywood, Fla. The guitars were autographed by members of the music group, the BoDeans, who performed at the conference. The guitars sold for $925 at the silent auction, which raised more than $13,500 for the National Credit Union Foundation’s Disaster Relief Fund.
CUNA Mutual expanded its alliance with Liberty Mutual in 2007 to enhance its workers’ compensation insurance program. Liberty Mutual also is a recognized leader in workers’ compensation insurance and currently the second largest workers’ compensation insurer in the U.S. The alliance has allowed CUNA Mutual to expand its offering of workers’ compensation insurance to all 50 states and the District of Columbia.
About CUNA Mutual Group
CUNA Mutual Group is a leading provider of financial services to cooperatives, credit unions, their members and valued customers worldwide. With more than 70 years of market commitment, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation. More information on the company is available on the company’s Web site at www.cunamutual.com.
About Liberty Mutual Group
“Helping people live safer, more secure lives” since 1912, Boston-based Liberty Mutual Group is a diversified global insurer and sixth-largest property and casualty insurer in the U.S. based on 2007 direct written premium. Liberty Mutual Group ranks 94th on the Fortune 500 list of largest U.S. corporations, based on 2007 revenue. The company has over 41,000 employees located in more than 900 offices throughout the world.
The eighth-largest auto and home insurer in the U.S., Liberty Mutual (www.libertymutual.com) sells full lines of coverage for automobile, homeowners, valuable possessions, personal liability, and individual life insurance. The company is an industry leader in affinity partnerships, offering car and home insurance to employees and members of more than 10,000 companies, credit unions, professional associations and alumni groups.
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