2009-07-01 23:01:06 -
Crump Group Inc.’s Ascensus division announced that it has signed an agreement to acquire CUNA Mutual Group’s IRA Services division. Ascensus is the nation’s largest independent recordkeeper and administrator for retirement plans in the micro to large market segments and a leading provider of regulatory expertise, plan document services and participant enrollment support. Based in Madison, Wisconsin, IRA Services provides IRA and health savings account education, and compliance products and services to the credit union marketplace. IRA Services serves over 4,000 credit unions nationwide. The transaction is expected to close on or about July 31, 2009, and is subject to customary closing conditions.
“Adding IRS Services to our retirement services division is consistent with Crump Group, Inc.’s strategic intent to enhance
our leadership position in the retirement services marketplace with both scale and diversity,” said John Howard, Crump Group, Inc. president and chief executive officer, adding that this acquisition strengthens and compliments many of the products and services Ascensus offers today.
“This investment demonstrates our view that there are strong growth opportunities in the retirement market and especially in the IRA space,” explained Bob Guillocheau, President, Ascensus. “The IRA Services team provides exceptional customer support and we are pleased to have them join Ascensus.”
“This action reinforces our efforts to refocus our company on those products that are core to our customers and to CUNA Mutual’s future success,” said Jeff Post, President and CEO of CUNA Mutual. “In addition, this sale further ensures our continued financial strength.
Ascensus is a strong organization, a good business partner and a quality employer. Ultimately, our product and our staff benefit from this transaction.”
The existing employees of CUNA Mutual Group’s IRA Services division along with the current management structure will remain with the business and operate as a part of the Retirement Products & Solutions Group within Ascensus.
About Crump Group, Inc.
Crump Group, Inc. ( www.crump.com :
) is the largest wholesale insurance distributor in the United States, and through its Ascensus division ( www.ascensus.com :
) is the largest independent U. S. provider of recordkeeping and support services to company-sponsored retirement plans in the micro to large segments of the market. Its Property & Casualty Insurance Services division ( www.crumpins.com :
; www.5starsp.com :
) is among the largest U. S. providers of wholesale brokerage and specialty programs to the commercial property and casualty insurance industry. Crump Life Insurance Services ( www.crumplifeinsurance.com :
) is among the largest wholesale distributors of services that support the sale of life-related insurance and annuity products.
About CUNA Mutual Group
CUNA Mutual Group is a leading provider of financial services to credit unions, their members and valued customers worldwide. With more than 70 years of market commitment, CUNA Mutual’s vision is unwavering: to be a trusted business partner who delivers service excellence and customer-focused, best-in-class products and market-driven innovation.
More information on the company is available on the company’s Web site at www.cunamutual.com :
.
Crump Group Inc.Sherri Lindenberg, 973-461-2153Marketing
Communications www.Crump.com :
