CUNA Mutual Group acquires ForeverCar
TruStage is acquiring Chicago-based ForeverCar , a company that protects vehicle owners from expensive car repairs with Mechanical Repair Coverage (MRC) policies delivered through online channels.
“Our investments in startups such as ForeverCar and CuneXus, coupled with our focus on modernizing and digitizing our product portfolio, are essential efforts in responding to a rapidly evolving consumer experience. We’ve been committed to helping people achieve financial security for more than 85 years, and lending insurance products, including MRC, have been an essential pillar of how we protect consumers and help them achieve a brighter financial future.” – President and CEO, CUNA Mutual Group, Robert N. Trunzo.
MRC is a core offering in CUNA Mutual Group’s lending solutions and payment protection products portfolio. The firm will continue to sell its MRC policies through the ForeverCar platform. The acquisition of ForeverCar expands CUNA Mutual Group’s direct-to-consumer channels and provides new growth opportunities.
Terms of the transaction were not disclosed. ForeverCar’s current customers will be fully supported, and the company will continue to operate in its Chicago location.
Bottom Line: Forever 21.