US-based insurer CUNA Mutual has acquired a 100% stake in insurance brokerage Finsure Australia as it moves to establish itself as the lead player in Australia’s healthy credit union insurance niche.

CUNA Mutual provides financial services to credit unions worldwide, while Finsure provides general and life insurance services to more than 90% of Australia’s credit unions and their members.

CUNA’s move comes at a time when most insurers of its kind are pulling out of the Australian market. The company will work closely with Credit Union Services Corporation Australia (CUSCAL).

Mike McCarthy, who is CUNA Mutual’s Principal Executive Officer, said the company is “taking a more prominent position and committing resources to the niche financial services and insurance market. We can now bring all parts of our operation together under one name, and project a single brand name.”