Debevoise, Foley Lead $1.3B Deal For Funeral Services Biz
By Benjamin Horney (March 9, 2021, 10:13 AM EST) -- Consumer services company Assurant Inc., advised by Debevoise & Plimpton, has agreed to sell its prearranged funeral insurance and final expense business to Foley & Lardner-led financial services provider CUNA Mutual Group for $1.3 billion, the companies said Tuesday.
The agreement sees New York-based Assurant shedding Global Preneed for $1.3 billion in cash, according to a statement. In Preneed, Madison, Wisconsin-headquartered CUNA picks up a company that provides a variety of funeral and final expense-related services and products, including pre-arranged funeral funding, final expense insurance and estate paperwork handling.
Alan Colberg, president and CEO of Assurant, said in the press release...
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