CUNA Mutual Group will purchase a prearranged funeral insurance and final expenses business serving 2 million customers for about $1.3 billion.
CUNA Mutual, based in Madison, will acquire Global Preneed from Assurant, a major insurance provider based in New York. The acquisition allows the company to provide more coverage options to middle class consumers, CEO Robert Trunzo said.
“CUNA Mutual Group remains committed to helping credit unions and other strategic partners excel at reaching and addressing consumers’ needs,” Trunzo said. “Ultimately, we are working to ensure a brighter financial future is accessible to everyone.”
CUNA Mutual currently serves about 30 million customers and has more than $28 billion in assets. Trunzo said the company will continue to expand its own services, acquire others and form partnerships to build up its portfolio and “support out strategic priorities, protect even more consumers and augment our resources and financial strength.”
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CUNA Mutual will maintain its long-standing partnership with Assurant to provide automobile mechanical repair coverage to CUNA Mutual’s credit union members.
Assurant CEO Alan Colberg said the company sold the prearranged funeral insurance business to further focus the company on its lifestyle and housing insurance business.