Bermuda Credit Union Partners with CUNA Caribbean Insurance Society to Launch New Financial Products.

 Bermuda Credit Union Partners with CUNA Caribbean Insurance Society to Launch New Financial Products.

The Bermuda Credit Union Co-op Society has recently announced its partnership with CUNA Caribbean Insurance society Limited (“CCISL”). CUNA Caribbean Insurance Society Limited is a member of the CUNA Mutual Group located in Madison Wisconsin, USA. CUNA Mutual Insurance Society was formed in 1935 and now serves over 85,000 Credit Unions, over 118 countries, 291 million households.

These credit unions own over $2,600B in assets. Members of the Bermuda Credit Union will now have access to the CCISL flagship product- the Family Indemnity Plan. This product offering is an option to help provide financial security.

The Bermuda Credit Union is in the business of putting the interests of its Members first. The Credit Union Board has worked with the management of the Credit Union and the independent regulator, the Bermuda Monetary Authority (the “BMA”) to operate as a regulated institution in providing financial services to its Members. Its mantra is “to empower the un-served and under-served in the community”.

The Credit Union has also forged strong partnerships with sister unions and associations. This includes the Bermuda Union of Teachers (”BUT”), the Bermuda Public Services Union (“BPSU”), the Bermuda Police Association (the “POA”), the Fire Department and other associations. The Bermuda Credit Union also has a partnership with the Bermuda Economic Development Cooperation (the “BEDC”) in connection with business loans and local educational institutions in its efforts to encourage our students to become financially literate.

President of the Bermuda Credit Union, Graham Nesbitt stated: “The Financial Indemnity Plan is one more initiative geared to help the community we serve”. CEO and General Manager Micah Davis stated: “The Family Indemnity Plan is an accessible budget-friendly financial coverage option. It is especially welcomed in this environment given the pandemic and the devastating impact it has had on the economy and the incomes of our Members.

This Family Indemnity product can assist and act as a buffer to insulate families against the unexpected and also can provide some peace of mind to the member.”

Commenting on the official announcement of the partnership, CCISL’s Managing Director and CEO, Andre Goindoo expressed that “we are happy that we are able to join forces with Bermuda Credit Union to offer these products that have the power to make a tremendous impact on the lives of those they serve.

Providing peace of mind and financial security is at the heart of what we do, particularly at this time where so many lives have been adversely affected and thrusted into financial uncertainty. Both products will offer a layer of financial protection with far reaching benefits.”

Persons interested in signing up for either plan or becoming a member are encouraged to contact the Bermuda Credit Union or to visit their website at www.bcu.bm to learn more.
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Trevor Lindsay

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