Collins Community Credit Union in Cedar Rapids, Iowa, has acquired the digital insurance business of Coverage Direct in Des Moines, Iowa.
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.”