WAVERLY &#8212 State insurance regulators have approved the merger of a Waverly insurance company with a Wisconsin-based company that it has been associated with.

The state insurance commission approved the merger of Cuna Mutual Insurance Co of Waverly with Cuna Mutual Insurance Society, of Madison, Wis.

The company’s administrative offices will be in Waverly, but its headquarters will remain in Madison, according to spokesman Rick Uhlmann.

Uhlmann said no change in operations or employment is expected in Iowa, where about 600 people work.

CUNA Mutual Insurance Society is the legal name for companies that comprise the CUNA Mutual Group, which is headquartered in Madison, Wis.