The $1.5 billion-asset
credit union said in a press release that it folded the business into its
family of Credit Union Service Organizations (CUSOs). The price was not
disclosed.
Coverage Direct,
founded in 2016, is led by Zach
Mefferd and Ryan Swalve.
"We … pride
ourselves with being able to offer cutting-edge technology like the largest
insurance agencies, but with the added component of a service team who
prioritizes being genuine and caring," Mefferd said in the release.
“With this partnership
and being a CUSO, that gives us an even better platform to serve the credit
union industry," Mefferd added.
"Being structured
as a CUSO allows greater proceeds to return back to the credit union partners,”
Stefanie Rupert, the credit union’s president and CEO, said in the release.
“There are options for
credit unions to own their book of business or receive proceeds of the policies
placed,” Rupert added. “It's really the ideal scenario.”
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