Iowa-based Collins Community Credit Union purchased the Des Moines-based online insurance firm Coverage Direct.
Coverage Direct, founded in 2016 by Zach Mefferd and Ryan Swalve, provides turnkey digital insurance agencies to credit unions. The merger means Coverage Direct is partnered with Collins Holding Co., a wholly-owned subsidiary of the more than $1 billion Collins Community Credit Union. Coverage Direct now functions as part of Collins Holding Co.’s family of Credit Union Service Organizations. “That gives us an even better platform to serve the credit union industry,” Mefferd said of the CUSO designation.
At more than $1 billion, Collins Community Credit Union is the fourth largest CU in Iowa, with branches in Cedar Falls, Cedar Rapids, Des Moines, Dubuque, Iowa City, Marion, and North Liberty.
“Being structured as a CUSO allows greater proceeds to return back to the credit union partners,” said Stefanie Rupert, chair of Collins Holding Co. and president and CEO of Collins Community Credit Union. “Zach and Ryan piloted a white-label insurance agency, Collins Insurance, that is proving to be successful for both the credit union and its members. I look forward to bringing more opportunities and value to the credit union movement with this partnership.”