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ACU Acquires Stake In Insurance Brokerage

Owners, Tony and Cathy Rollo will retain a 50% stake in WIB and will continue to run the day-to-day operations

Assiniboine Credit Union has purchased 50% of insurance brokerage firm, Winnipeg Insurance Brokers (WIB) – reported Winnipeg Free Press.

Tony and Cathy Rollo, who have owned the 40-year-old firm since 1994, will retain a 50% stake in WIB and will continue to run the day-to-day operations. The company has two locations and 11 employees.

Credit unions, like banks, are not allowed to sell insurance in their branches, but they are allowed to own insurance brokerage firms. Several other Manitoba credit unions own or have interests in the insurance business.

Winnipeg Insurance Brokers has had a long-standing relationship with credit unions dating back to Decibel Credit Union, which merged with Vantis, which subsequently merged with ACU. While ACU cannot cross-sell insurance, it can refer its members to Winnipeg Insurance Brokers, which can quote prices on insurance coverage. ACU members would be free to seek quotes from any insurance brokers they chose.

Winnipeg Insurance offers a variety of vehicle, home, travel and commercial insurance through various insurance companies, including ACU’s longtime insurance partner CUMIS (Credit Union Member Insurance Services).