NU Online News Service, July 2, 11:30 a.m. EDT
Wholesale insurance broker Crump Group Inc. said its Ascensus division has agreed to acquire CUNA Mutual Group's IRA Services division. Terms of the deal were not released.
Based in Madison, Wis., IRA Services provides IRA and health savings account education, compliance products and services to the credit union marketplace. It serves over 4,000 credit unions nationwide.
The existing employees of CUNA Mutual Group's IRA Services division and the current management structure will remain with the business and operate as a part of the Retirement Products & Solutions Group within Ascensus, Crump said.
Roseland, N.J.-based Crump, said it expects the transaction to be completed on or about July 31.
Crump's Ascensus provides recordkeeping and support services to company-sponsored retirement plans in the micro to large segments of the market.
The firm also announced it has named Lee Lloyd as president of its programs unit within the company's property and casualty division. Mr. Lloyd comes to Crump from United Educators Insurance where he most recently served as vice president of underwriting and chief actuary.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.