ASI Quarterly Newsletter
Staying connected with our credit union members, one issue at a time.
Message from our CEO
ASI is continuing to gain momentum as the second quarter of 2026 is well underway. We are executing short and long-term strategies and realizing results. I am excited to share some important updates that demonstrate the commitment of American Share Insurance (ASI) to support revenue diversification, innovation, advocacy, and growth.
Board of Directors Elected at Annual Meeting
The 2026 Annual Meeting of Participating Credit Unions of American Mutual Share Insurance Corporation was held on April 30, 2026 with a quorum present. Christine Haley, 2025-26 Board Chair led the meeting. Rose Bartolomucci (OH) retired; James Miles (OH), President and CEO of MyUSA Credit Union, and Bradley Swartzentruber (ID), President and CEO of Northwest Christian Credit Union were elected to serve three-year terms on the American Mutual Share Insurance Corporation Board of Directors. Mr. Miles will serve as the Chair and Mr. Scott Arkills (NV) will serve as the Vice Chair.
Advisory Council Strategy Meetings
The 2026 Virtual ASI Primary Insurance Credit Union Advisory Council Meeting was held on Wednesday, March 18, 2026, via Teams. An overview of the 2026 Governmental Affairs Conference (GAC) highlighted the launch of Campio™ at the event. Also discussed were an overview of 2025 unaudited financials, advocacy efforts for primary state expansion efforts, and sales results. The 2026 Advisory Council onsite meeting is planned for August 27, 2026 in Columbus, Ohio.
Growth of the Team and Celebrations
Early in 2026, we welcomed Jennifer Middendorf, ChFC, CLTC, as the Agency Principal for Campio™. Jennifer has nearly 25 years of experience spanning insurance, banking, and wealth management. She has held executive and leadership roles at major national carriers, including Nationwide Insurance, Allstate, and Ameriprise, and most recently served as Assistant Vice President, Insurance Solutions, at Huntington Insurance.
It is an honor to celebrate a milestone anniversary for an employee who has contributed to supporting the credit union movement. Tahsin Hasan recently celebrated her 20th anniversary with ASI! Thank you for your contributions and service! Congratulations!
Campio
Campio was launched at the Governmental Affairs Conference (GAC) and is off and running! We now have over ten bond packages in the queue. We plan to launch the member programs mid-year with several prospects pending (see below for more information about Campio).
Thank you for supporting ASI and advocating for credit unions. Together, we are gaining momentum as a credit union movement.
Warm regards,
Theresa Mason
President & CEO, American Share Insurance
Financial Update
2025 Results and 2026 Update
Our 2025 net income finished at $10.4M, an improvement of 126% over the prior year results. Earnings were driven primarily by higher returns from the fixed-income portfolio, excess and surplus lines policy premium growth, positive equity market returns, and a one-time deferred tax adjustment associated with transfer pricing. Fixed income returns were above budget by $2.3M but offset by $4.2M of realized losses in 2025. The realized losses are an investment into our future fixed income portfolio investment income while also reducing ASI’s interest rate risks. Our Core Earnings (earnings without the equity Available-for-Sale adjustment and income taxes) continued to improve as well, driven primarily by the fixed-income portfolio performance and excess and surplus line premium growth.
2026 is off to a solid start, with $1.6M of net income through March. This includes unrealized losses in equities of (-$0.7M) that have since recovered, while the equity markets may remain more volatile with geopolitical uncertainty and inflation risks mounting. However, the work done with our fixed income portfolio in recent years, resulting in lifting yields has proven to be enough to offset these risks and provided the returns needed for positive net income.
Sales & Marketing
Jozann Borenstein remains focused on building interest in ASI Primary Share Insurance and has held several initial meetings with new credit union prospects, alongside additional discussions scheduled. As a result of those conversations, she has been given a number of credit union referrals. Thank you and please pass along any other referrals. Jozann will travel to meet with you and your referral contact.
Our Sales Managers will be attending upcoming tradeshow events, as listed below, and Jozann would like to hear your private deposit insurance story. She is ready to meet up for coffee, lunch, or dinner. Your voice matters.
Upcoming Tradeshow Events
The ASI team will be onsite at the following upcoming events:
- Cornerstone Annual Meeting | Oklahoma City, OK | May 12-15, 2026 (Attend/Sponsor)
- Michigan GAC | Grand Rapids, MI | May 12, 2026 (Attend)
- Wisconsin Annual Meeting | Madison, WI | May 13, 2026 (Attend)
- Montana Power Up | Helena, MT | May 19-20, 2026 (Attend)
- Michigan Annual Meeting | Grand Rapids, MI | June 2-4, 2026 (Attend/Sponsor)
- Ohio Statehouse Day | Columbus, OH | June 3, 2026 (Attend/Sponsor)
- The League Convention | Orlando, FL | June 9-12, 2026 (Sponsor)
- Luminate | New Orleans, LA | June 22-24, 2026 | (Sponsor)
We continue to keep the ASI brand visible at events to promote revenue diversification initiatives and drive a return on investment (ROI).
ASI Policyholder Updates
We are excited to share a full refresh of the ASI Policyholder website offering enhanced functionality to make managing your account easier and more efficient. This update delivers a great user experience with meaningful improvements to the tools you use every day, helping you find what you need faster and the ability to complete key tasks with ease. These updates are purpose-built —to be more intuitive and improve how you interact with the platform. Please let us know your thoughts and if you’d like to see other changes! Visit Policyholder now!
Advocacy
Updates
A new bi-monthly Advocacy Newsletter was launched on April 1, 2026, as ASI efforts continue to gain strong momentum under the direction of Jennifer Kelly, VP of Advocacy supported by SVP, COO Kurt Loose and CEO, Theresa Mason. 2026 efforts are active and progressive with legislative testimony, advocacy meetings, league strategy sessions, and interactions with key stakeholders.
We are pleased to announce that the Tennessee Primary Private Deposit legislation has passed and been signed by their Governor into law. A bill has also passed to allow private deposit insurance as an option in Minnesota. We await regulatory approval for both states and extend our sincere appreciation to the Tennessee Credit Union League and Minnesota Credit Union Network for their collaboration and support. You will be hearing more about marketing activities in these states to attract primary members. If you have a relationship with a credit union in these states, please reach out to Jozann to arrange an introduction.
At the heart of advocacy efforts is expanding awareness and access to private deposit insurance as a viable option offering safety and soundness for credit unions. This effort includes education through CUChoice, a national education campaign, which supports outreach to credit unions and leagues, regulators, and policymakers. We invite you to promote the power of choice by signing a petition or sharing your experience with credit unions across the country.
Visit the CUChoice page to help promote private deposit insurance now!
Examinations & Insurance
2025 extended the recent run of strong financial performance across the privately insured credit union fund, supported by positive earnings momentum and improving valuations across fixed-income portfolios. Reductions in the federal funds rate during the year further contributed to capital growth as market values moved closer to par, reinforcing already sound net capital and net worth positions.
Privately insured institutions also enjoyed tremendous balance sheet growth during the year, expanding at the strongest pace seen since the elevated environment of the early 2020s, with growth rates exceeding those of federally insured counterparts. Total privately insured shares surpassed $20B, while aggregate assets exceeded $23B – reflecting sustained member demand and healthy liquidity conditions across the system.
Asset quality metrics remained stable and favorable in 2025. Reportable delinquency and loan losses held at manageable levels despite emerging signs of performance divergence within certain credit segments across the broader financial services landscape. To date, these pressures remain isolated and have not materially affected overall performance within the fund.
While economic conditions and policy dynamics will continue to evolve, privately insured credit unions enter this period from a position of strength and stability.
CAMELS Rating System
The following chart provides a summary of the CAMELS scores for primary insured credit unions. The chart is based on credit unions insured as of December 31, 2025, and all financial data is reported as of that date.
The CAMELS rating system was developed in the United States to assess the condition of financial institutions and is now used internationally. It evaluates six key components: Capital adequacy, Asset quality, Management effectiveness, Earnings, Liquidity, and Sensitivity to market risk. Each component is rated on a scale of 1 to 5, where 1 indicates strong performance and low risk, and 5 indicates serious financial problems and high risk.
Meet Campio
Since Campio’s launch in March, one message has been consistent in conversations with credit union CEOs: many things are going well. At the same time, the risk environment is changing in ways that don’t always show up on traditional dashboards.
Increasingly, we’re hearing that risk feels interconnected. Issues that might once have been contained within a single function are now pulling on leadership’s time, distracting teams, and impacting member confidence in ways that are harder to measure. That reality is prompting many CEOs to ask not just whether protections exist, but whether they truly reflect how today’s risks show up across the organization.
Campio is helping credit unions take a practical, due diligence driven look at how bond, cyber, management liability, property, and workers’ comp coverage function together.
These reviews often uncover:
- Coverage gaps that don’t appear in isolation
- Opportunities for meaningful savings without reducing protection
At the same time, we’re launching a Campio member program focused on protection at key life events—moments when members are most financially vulnerable, and trust matters most. By aligning protection to these moments, credit unions can proactively reduce downstream risk, support member resilience, and deepen long‑term relationships.
We invite you to engage in two ways:
- Schedule a Campio institutional risk management review to assess alignment, resilience, and efficiency across your coverage portfolio.
- Consider joining the Campio member program, helping meet real member needs and operational realities.
Thank you for your consideration.
Jennifer Middendorf
Campio Agency Principal, ChFC,CLTC
614.973.7701
[email protected]
www.ChooseCampio.com