Great American Insurance Acquires Equipment Maintenance Business from CUNA Mutual Group

CINCINNATI--(BUSINESS WIRE)--Great American Insurance Group announced today it has entered into an agreement with CUNA Mutual Group to offer its equipment management products to organizations that previously purchased the Equipment Maintenance Insurance product underwritten by CUMIS Insurance Society, Inc.

“We know our customers will be well taken care of.”

A member of the CUNA Mutual Group, CUMIS is a leading provider of equipment maintenance insurance to credit unions, and Great American expects this transaction to expand its market share in equipment management for the credit union and financial services segments. Under the agreement, Great American will immediately assume responsibility for the underwriting and servicing of the CUNA Mutual portfolio and for the operations and staff in the Wauwatosa, Wisconsin offices.

Since its founding in 1935, CUNA Mutual has been committed to meeting the needs of credit unions and their members, and it was very important to them to find a buyer with the same level of commitment. "We are pleased that Great American is dedicated to this line of business, has a great service reputation and strong financial strength ratings,” said John Wallace, CUNA Mutual Vice President, Credit Union Protection. “We know our customers will be well taken care of."

Mike St. Hilaire, General Manager of Great American’s Equipment Management Solutions, commented, “The acquisition of CUNA Mutual’s book is not only a fantastic opportunity to expand our existing footprint in the financial services market, but it also provides us with an experienced program management team and new service partners. We are committed to continuing the excellent service and coverage customers have received from CUNA Mutual.”

The acquisition supports Great American’s strategy of building specialty insurance businesses and it allows for quick expansion of an already successful niche business targeted for growth.

About Great American’s Equipment Management Solutions

Equipment Management Solutions are an effective way to assist credit unions and banks in significantly reducing equipment maintenance and repair expenditures. The EMS program consolidates multiple contracts into a single easy-to-manage service agreement that provides cost savings, streamlines contract administration, provides choice of service providers and assists with equipment lifecycle management.

About Great American Insurance Group

Great American Insurance Group’s roots go back to 1872 with the founding of its flagship company, Great American Insurance Company. Based in Cincinnati, Ohio, the operations of Great American Insurance Group are engaged primarily in property and casualty insurance, focusing on specialty commercial products for businesses, and in the sale of traditional fixed, indexed annuities and a variety of supplemental insurance products such as Medicare Supplement. Great American Insurance Company has been rated “A” (Excellent) or higher by the A.M. Best Company for over 100 years (most recent rating effective as of February 14, 2011). The members of the Great American insurance Group are subsidiaries of American Financial Group, Inc. (AFG), also based in Cincinnati, Ohio. AFG’s common stock is listed and traded on the New York Stock Exchange and the Nasdaq Global Select Market under the symbol AFG.

About CUNA Mutual Group

CUNA Mutual Group insurance, retirement and investment products provide financial security and protection to credit unions and their members worldwide. With more than 75 years of true market commitment, CUNA Mutual's vision is unwavering: To be a trusted business partner who delivers service excellence through customer-focused products and market-driven insight. CUNA Mutual Group is the marketing name of CUNA Mutual Insurance Society, its affiliates and subsidiaries, including CUMIS Insurance Society, Inc, CUNA Brokerage Services, Inc. and CUNA Mutual Insurance Agency, Inc. Product availability and features may vary by jurisdiction and are subject to actual policy language. Corporate headquarters are located in Madison, Wisconsin.