Growing market share in an environment ripe with relentlesscompetitors can be daunting, overwhelming and exhaustive.

But for some credit unions, building a stronger presence withinthe insurance sector may be worth the time and can ensure theirmembers stay close to home for their life, auto property andcasualty and other insurance needs.

One strategy that is paying off is their acquisition of localfirms that have had steep roots within their respectivecommunities.

Indeed, during the first six months of 2014, there were 165mergers and acquisitions of insurance agencies and brokerages,according to Optis Partners LLC, a Chicago-based investment bankingand financial consulting firm. That time period was the most activefirst half since 2000.

While hard figures aren't readily available on the number ofcredit unions that have acquired insurance firms, their activityhas certainly been robust over the past few years.

The $5.5 billion Alaska USA Federal Credit Union in Anchorage has certainly seenthe ebbs and flows within the insurance sector as its CUSO, AlaskaUSA Insurance Brokers, has been offering service to members since1986.

In September 2012, the CUSO purchased the book of business fromAnchorage-based Rentschler Insurance Agency for an undisclosedamount, according to Timothy Maudsley, president of AUIB. RIA hadserved commercial insurance clients in Alaska for more than 25years.

“RIA was a long-established agency located in Anchorage andearned a strong reputation for service to its clients for manyyears,” Maudsley said. “The demographics of the book of businessthat was purchased fit very well within our business strategy,which made the acquisition a good fit.”

Alaska USA Insurance Brokers is the largest independentinsurance brokerage in Alaska, offering its clients and membersaccess to a full range of insurance products, including all linesof coverage for both commercial businesses as well as personalinsurance needs, according to Maudsley. The RIA acquisitionimproved market share in the local business community and over theyears, the CUSO had purchased multiple books of insurancebusinesses.

There have been a number of other notable insurance acquisitionswithin the credit union industry over the past few years.

One of the latest purchases occurred when Lake MichiganInsurance Agency, a division of the $3.1 billion Lake Michigan Credit Union in Grand Rapids, Mich., announced inMay that it had acquired Alpha Agency, which is also based in GrandRapids. The purchase price was not disclosed.

In 2012, TDECU Insurance Agency LLC, a subsidiary of the $2.2billion Texas Dow Employees Credit Union in Lake Jackson, Texas, boughtfour insurance agencies.

Owned by the $4 billion United Nations Federal Credit Union in Long Island City, N.Y.,UNFCU Financial Services LLC acquired Industrial Coverage Corp., aprivately-held commercial and personal insurance agency, the creditunion said in January 2013.

Desjardins Group made headlines in January when it announcedthat it would buy State Farm Canada's property and casualtyinsurance business making the $210 billion cooperative in Lévis,Québec the second-largest P&C insurance provider in thatcountry with annual gross written premiums of approximately $3.9billion.