North Shore Credit Union Sells its 50 Percent Stake in North Shore Insurance Services Ltd.

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North Shore Credit Union (NSCU) has sold the balance of its ownership of North Shore Insurance Services Ltd. (50%) to Federated Agencies, a subsidiary of The Co-operators Group Limited. CUIS Brokerage Services Limited has also sold its shares in NSIS (50%), so The Co-operators now has 100% ownership. The sale is effective January 1, 2009.

The Co-operators, which owns CUIS Brokerage Services Limited in partnership with the CUMIS Group Limited, was already a key partner with NSCU and NSIS. As such, The Co-operators is familiar with NSIS's business, its staff and the potential of both.

The Co-operators Group Limited, founded more than 60 years ago, is owned by 46 Canadian co-operatives, credit union centrals, and like-minded organizations. With assets exceeding $7 billion, The Co-operators is the largest Canadian-owned, multi-product insurer. As such, they are part of the broader co-operative system, as are NSCU and CUMIS. Representatives of credit unions sit on the Board of Directors of both CUMIS and The Co-operators.

Fully committed to sustainability, The Co-operators focuses on the triple bottom line, balancing its economic, social and environmental responsibilities.

With the sale of NSIS to The Co-operators, customers will now enjoy the expanded service of an organization that focuses on insurance products and services. Employees will benefit from great opportunities in both learning and career development, and will be part of an agency team that enjoys great strength in the marketplace.

All existing offices will remain as is for the time being, but signage will change to reflect the new ownership. Customers of North Shore Insurance Services Ltd. will be informed of the change in ownership at the time of policy renewal. Within the first year of the new ownership, The Co-operators will seek new space for all three offices -- Lonsdale, Park Royal, Whistler -- in as close proximity as possible to the existing offices.

About North Shore Credit Union
With 12 branches in communities from Burnaby and downtown Vancouver to Whistler, Squamish and Pemberton, NSCU provides expert advice on banking, loans, investments and insurance. North Shore Credit Union has $2.0 billion in assets under administration, 300 employees and 40,000 members. The Credit Union has been honoured numerous times as one of the most technologically innovative financial institutions in North America. For more information visit

About The Co-operators
The Co-operators is a group of Canadian companies offering home, auto, life, group, travel, commercial and farm insurance, as well as investment products. The Co-operators Group Limited is a 100 per cent Canadian-owned co-operative with assets of more than $7 billion. It is owned by a group of Canadian co-operatives, credit union centrals and like-minded organizations. The Co-operators is well known for its community involvement, and is listed among the 50 Best Employers in Canada.

For more information, please contact:
Kristin Abraham
Employee & Corporate Communications Manager
North Shore Credit Union

Leonard Sharman
The Co-operators
1.877.795.7272, ext. 2707


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Kristin Abraham