CUNA Mutual Group has acquired Assurant’s prearranged funeral insurance and final expense business in the U.S. and Canada for approximately $1.3 billion.
In a release Tuesday, CUNA Mutual said the deal will enhance its ability to provide solutions that provide financial security for consumers. Prearranged funeral insurance is designed to help ease the emotional and financial burdens of consumers and their families related to planning for the later chapters of life, the release noted. Assurant serves more than 2 million consumers.
“This acquisition allows us to expand the ways we reach middle-market consumers, helping more people make financial decisions that work for them and their situation,” Robert Trunzo, president and CEO of CUNA Mutual Group, said in the release. “We will continue to build, buy and create partnerships to bring additional insurance, investment and technology solutions into our portfolio to support our strategic priorities, protect even more consumers and augment our resources and financial strength.”
The funeral side of the business will continue to autonomously operate from its Rapid City, S.D., location with limited integration into CUNA Mutual Group’s other business lines or operations. The company has no plans to offer those services through credit unions and banks, the release said.
The agreement includes a multiyear extension of a long-standing partnership between the two companies for car repair coverage.
The acquisition is expected to close by the end of the third quarter.
Perella Weinberg Partners LP served as financial adviser to CUNA Mutual while Foley & Lardner LLP served as its legal counsel.
CUNA Mutual in November
A month before that, the company
