TruStage Financial Group, Inc., formerly known as CUNA Mutual Group,/ˈkjuːnə/ is a mutual insurancecompany that provides financial servicestocooperatives, credit unions, their members, and other customers worldwide. TruStage Financial Group sells commercial and consumer insurance and protection products. TruStage Financial Group provides retirement plan services to small businesses and credit union employees. The Madison, Wisconsin-based company also provides auto, home, life and loan protection products to credit union members through its TruStage brand.[6]
The "CUNA" in the company's name originally stood for "Credit Union National Association".[7] TruStage Financial Group is the marketing name for CMFG Life Insurance Company, its subsidiaries, and affiliates.
TruStage Financial Group was founded in 1935 as the CUNA Mutual Insurance Society. Its purpose was to offer financial protection to Americans during the credit union movement.[8] After World War II, TruStage Financial Group grew rapidly and expanded many of its services. TruStage Financial Group began selling insurance products in 1983. It now serves over 30 million consumers across its lending, retirement, and wealth management products.[8]
TruStage Financial Group employs nearly 3,700 people in offices in Waverly, Iowa; Great Bend, Kansas; Fort Worth, Texas; and Madison, Wisconsin; as well as field employees located throughout the United States. There are 1,900 employees working in Madison, Wisconsin, the company's world headquarters.[9]
TruStage Financial Group[9] sells a variety of insurance and investment products designed for credit unions and their members, including the following:
Insurance and payment protection services offered by TruStage Financial Group include the following commercial and personal services.
Commercial: Bond, collateral protection, management and professional liability, plastic card, business automobile, IT/cyber solutions, mortgage insurance, property and business liability, workers compensation, and executive benefits
Personal: Credit insurance, debt protection, guaranteed asset protection, mortgage payment protection, mechanical repair coverage, life insurance, accidental death and dismemberment, health insurance, and auto and home insurance
Lending services include loan generation marketing, lending document management, compliance services, and lender development programs.
Wealth management and retirement services include broker/dealer services, pension and 401(k) plans, mutual funds, managed accounts, variable annuities, fixed annuities, and immediate annuities.
TruStage is the brand name of a group of insurance products provided by TruStage Financial Group. TruStage is the insurance arm of TruStage Financial Group, which is rated "A" (Excellent; 3rd highest out of 16 possible ratings) by credit rating agencyA.M. Best as of February 2017.[11]
TruStage Financial Group first registered the TruStage brand trademark in 2010, and it was first used commercially in 2013.[12] The TruStage brand first sold insurance products commercially in 2013.[citation needed] It exceeded $1 billion in consumer coverage in 2017,[13] and exceeded $6 billion in 2018.[14]
TruStage also offers community service awards to students, such as the Community Spark Award.[15]
Auto insurance (underwritten by Liberty Mutual and Esurance):[19] offers coverage for cars, motorcycles, boats or watercraft, ATVs or off-road vehicles, and recreation vehicles (RV).
Home insurance (underwritten by Liberty Mutual and Esurance):[20] offers coverage for homeowners, renters, or condo residents and their property.
Since February 2022, TruStage Financial Group and 450 employee members of OPEIU #39 have been negotiating a successor labor agreement to replace the previous agreement that expired March 31, 2022.[21] Talks broke down in January 2023, with the union alleging the company was no longer engaging in good faith bargaining over union member priorities including fair compensation, pay equity, job security assurances against outsourcing, remote work protections, retirement security, and affordable health care.[22] In February and March 2023, the union filed unfair labor practice (ULP) charges with the National Labor Relations Board (NLRB) against the company asserting refusal to bargain, bad faith bargaining, refusal to furnish information, subcontracting unit work, retaliation against workers for union activity, all of which are prohibited by federal law.[23] On April 19, 2023, 87% of union members voted on whether to allow the union's bargaining committee to authorize a strike within 30 days if no labor agreement is reached. The measure was approved with 92% member support.[24]
$3.54 billion USD (2017)[1][2]
