CUNA Mutual Group announced on Monday that it reached an agreement to acquire Assurant’s prearranged funeral insurance and final expense business in the United States and Canada, which serves more than two million consumers – for approximately $1.3 billion.
This investment will enhance CUNA Mutual Group’s ability to help ensure middle market consumers have access to solutions that help build financial stability, according to a statement.
Prearranged funeral insurance, also known as preneed, and senior lifestyle protection solutions are designed to help ease the emotional and financial burdens of consumers and their families related to planning for the later chapters of life, according to CUNA Mutual Group. Acquiring Assurant’s best-in-class prearranged funeral insurance and final expense solutions business enables CUNA Mutual Group to further serve the growing middle market.
“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,” said Robert N. Trunzo, president/CEO of CUNA Mutual Group. “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.”
More information about Assurant is available on its website.