TruStage (formerly CUNA Mutual Group) Highlights
Note on Identity: "TruStage" was originally the consumer brand for CUNA Mutual Group. In May 2023, the entire organization officially rebranded to TruStage. The underlying life insurance entity is legally known as CMFG Life Insurance Company.
Corporate Owner & Structure
- Structure: Mutual Insurance Holding Company.
- Ownership: TruStage is not publicly traded. It is owned by its policyholders through CUNA Mutual Holding Company.
- Underwriting Entity: Life insurance policies are primarily issued by CMFG Life Insurance Company.
Early History & Foundations (1935–2011)
- 1935: CUNA Mutual Insurance Society is founded in Madison, Wisconsin.
- Founders: Pioneers of the credit union movement.
- Purpose: Created to provide credit life insurance to credit union members, ensuring that if a borrower died, their debt would not fall to their family or the credit union.
- 1935–1950s: The company expands rapidly alongside the U.S. credit union boom, becoming the primary insurer for credit unions nationwide.
- 1960: CUMIS Insurance Society, Inc. is formed as a property and casualty (P&C) affiliate to offer fidelity bonds and liability insurance to credit unions.
- 1990: CUNA Mutual Life Insurance Company (an Iowa insurer) affiliates with CUNA Mutual Insurance Society.
- 2008: The company navigates the financial crisis while maintaining its rating, cementing its role as a stabilizer in the credit union system.
- 2011: CUNA Mutual Insurance Society reorganizes its corporate structure.
- Outcome: It shifts from a mutual insurance company to a Mutual Insurance Holding Company structure.
- Name Change: The primary life insurance entity is renamed CMFG Life Insurance Company.
Era of Modernization & Rebranding (2012–Present)
2012: The Birth of "TruStage"
- The company launches TruStage as its direct-to-consumer brand.
- Strategy: This allowed credit union members to buy life, auto, and home insurance directly online or over the phone, moving beyond just products offered through credit union loans.
2017
- Acquisition: Acquired Compliance Systems, a provider of financial transaction technology and compliance documentation.
2018
- Acquisition: Acquired Mirador, a financial technology startup focused on small business lending. This move was designed to help credit unions digitize their small business loan processes.
2020
- Acquisition: Acquired ForeverCar, a digital startup selling mechanical repair coverage (extended auto warranties).
- Context: TruStage (then CUNA Mutual) had been an early investor in ForeverCar through its venture capital arm, CMFG Ventures.
2021: The Major Acquisition
- Acquisition: Acquired Assurant’s Global Preneed (Prearranged Funeral) and Final Expense business.
- Cost: Approximately $1.3 Billion.
- Impact: This massive acquisition added roughly 2 million policies and $6.5 billion in face value coverage, significantly expanding TruStage’s footprint in the "final expense" life insurance market.
2023: The Full Rebrand
- May 23: CUNA Mutual Group officially changes its corporate brand name to TruStage.
- Outcome: All enterprise, B2B, and consumer lines now operate under the singular "TruStage" identity, though legal underwriting names (like CMFG Life) remain on policy documents.
Corporate Home Office
- Address:5910 Mineral Point RoadMadison, WI 53705
- Phone (General): 1-800-779-6382
- Website: trustage.com
Sources of Information
- Wisconsin Office of the Commissioner of Insurance (OCI): Examination reports detailing the 1935 founding and 2011 restructuring of CUNA Mutual Insurance Society into CMFG Life.
- TruStage (CUNA Mutual) Press Releases: Official announcements regarding the 2023 rebrand and the 2021 Assurant acquisition.
- Iowa Insurance Division: Regulatory filings for CMFG Life Insurance Company (domiciled in Iowa for underwriting purposes, though operations are in WI).
- CMFG Ventures: Investment history regarding ForeverCar and Mirador.
