FinSecure pulls Back from Insuring Medium and Small Credit Unions

I have heard rumors that the insurer Berkley FinSecure is pulling back from insuring credit unions under $750m in assets. I’m told that different regions may be handling this track differently but credit unions in at least some parts of the Northeast are being non-renewed.

The word I am getting is that credit unions are not being canceled. Policies will continue until expiration.

In the twenty years I have been working with financial institutions this has been the trend. Insurers with expertise in bank insurance enter the credit union market then pull back.  I recall the ABA program wrote credit unions then moved out to the market. Chubb did too.

CUNA Mutual has a firm lock on a huge part of the credit union marketplace. Allied Solutions is a big player in the credit union market too.

To my knowledge, now only Allied and Travelers are left to compete with CUNA on small and mid-sized credit unions. (I have heard that some small credit unions are still insured by Zurich but I have not seen a Zurich credit union policy in some time.)

(Feel free to contact me if you have different information from the above. I am quite interested to hear from FinSecure and from any other insurer active in the credit union marketplace.)