CUNA Mutual Group acquires Assurant’s global prearranged funeral and final expense business

CUNA Mutual Group announced Aug. 2 that it has entered into a definitive agreement to acquire Assurant’s prearranged funeral insurance and final expense business in the U.S. and Canada, serving more than 2 million consumers—for approximately $1.3 billion.

This investment will enhance the Madison, Wis.-based broad financial services provider’s ability to help ensure middle market consumers have access to solutions that help build financial stability, CUNA Mutual Group said in a statement.

“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 and CEO, 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.”

Like CUNA Mutual Group, Assurant’s preneed business is focused on protecting consumers and their families with simple, easy to understand products. The preneed business will operate with autonomy at its Rapid City, South Dakota location with limited integration into CUNA Mutual Group’s other business lines or operations. Since preneed solutions are provided to consumers primarily through funeral homes, the company has no plans at this time to offer these services through financial institutions, such as credit unions and banks.

The acquisition provides the opportunity to add a business already at scale as CUNA Mutual Group enters new markets to protect even more consumers. The business brings $6.5 billion of face value in-force and $7 billion in assets. Earnings were nearly as high in 2020 as in 2019 in spite of the impact of the COVID-19 pandemic on insureds’ mortality.

Assurant’s distribution model for preneed and final expense solutions includes a longstanding partnership with the largest funeral home provider in North America and many other funeral home partners and distributors across the U.S. and Canada.

The agreement includes a multiyear extension of the 23-year automobile mechanical repair coverage partnership between the companies.

“Today’s announcement represents a positive outcome for all of our stakeholders and importantly, for our Preneed employees, customers and policyholders, said Assurant President and CEO Alan Colberg. “I am also excited to continue to further strengthen our longtime partnership with CUNA Mutual Group, built upon shared values and aligned culture and commitment to customer excellence.”

Trunzo added, “CUNA Mutual Group remains committed to helping credit unions and other strategic partners excel at reaching and addressing consumers’ needs. Ultimately, we are working to ensure a brighter financial future is accessible to everyone.”

The acquisition is expected to close by the end of the third quarter, subject to applicable regulatory approvals and other customary closing conditions.

32 COMMENTS

  1. That’s American Memorial Life. That company was owned by Service Corporation International and got sold to Assurant dirt cheap back in the early 2000’s when SCI’s stock took a dump. SCI has still remained the biggest seller of American Memorial policies. I’m shocked that SCI didn’t buy it back if it was for sale.

  2. I don’t find any of CUNA’s products to be all that great.

    It’s basically a FU product. Only priced well for smokers. But you can blow that away too with FU.

    If they quaffed for Trustage they qualify for FU. Unless of course it was clean sheeted. Which appears to be most of them.

  3. Baseball7

    Well look who’s back.

    Yeah, a week or so ago.

    Back on subject, AmMem adds nothing to CUNA.

    Completely non competitive product. I probably replace more AmMem than any other company out there.

    They are almost as easy to replace as AmAm. But I see far more AmMem out there.

    Mainly because of ORCA.

  4. Your not doing your job JD!!! Lol .On the video he says 4 guys will make $1 mil between them . That dude sounds like a cheese cake . All those guys wether Lincoln or senior life the same . My friend in Indiana replaces them like crazy . Those guys travel 4-10 hrs and stay in hotels for 3-4 nights every week .

  5. DonP

    Your not doing your job JD!!! Lol .On the video he says 4 guys will make $1 mil between them . That dude sounds like a cheese cake . All those guys wether Lincoln or senior life the same . My friend in Indiana replaces them like crazy . Those guys travel 4-10 hrs and stay in hotels for 3-4 nights every week .

    yes. That’s their model. Churn and burn. I don’t know if travel is required but it seems they all do.

    they used to be Securus.

    pimp AmMem as their primary company.

  6. DonP

    Your not doing your job JD!!! Lol .On the video he says 4 guys will make $1 mil between them . That dude sounds like a cheese cake . All those guys wether Lincoln or senior life the same . My friend in Indiana replaces them like crazy . Those guys travel 4-10 hrs and stay in hotels for 3-4 nights every week .

    Does Am Memorial take DE ?
    I was told by a lady who took out a policy with an Orca agent out of Louisville KY she used DE to pay for it.
    Maybe they have an exclusive deal with them ?
    Are they owned by Amerilife ?

  7. noah

    Does Am Memorial take DE ?
    I was told by a lady who took out a policy with an Orca agent out of Louisville KY she used DE to pay for it.
    Maybe they have an exclusive deal with them ?
    Are they owned by Amerilife ?

    With my contract no de allowed . Few people know it but some older am am contracts allow the agents to take de cards . My friend can . It was grandfathered in and no new agents can . I just had 2 de policys 16 and 20 months old nsf with bad cards . They pay out like $4 a month . I tried calling and left message . No call back .

  8. I’m at a contract well above 120 street . I have no idea what there contract is . But I’m sure it’s super high . I have no idea if they have de ability . I know the orca agents drive 200-500 miles most weeks to work arrives were there’s leads . It might be 2 states over . They stay in hotel rooms . Sucky life to do that every week. They only added rna and am am the last 12 months . The reason I know is my friend stole one of their top agents and he got am am and rna with him . They then inticed him to come back and orca picked those CO’s up . Orca’s like Lincoln heritage , senior life , senior select and family first . They all drink the rah rah koolaid

  9. I think JD runs into them. He probably replaces their business.
    Why do they work such a great distance from Louisville?
    Seems like you could get plenty of cards between Kentucky and Indiana?
    Do they furnish the leads ?
    That’s a sure fire way to crash and burn with those work habits.

  10. noah

    I think JD runs into them. He probably replaces their business.
    Why do they work such a great distance from Louisville?
    Seems like you could get plenty of cards between Kentucky and Indiana?
    Do they furnish the leads ?
    That’s a sure fire way to crash and burn with those work habits.

    Their agents call me fairly often looking for leads. They do have a strange model where no agent has a “lead territory” they just tend to recruit agents that want to work out on the road and just hit the road every Monday. There are guys out there that prefer to do that rather than be at home every night.

  11. Newby

    Their agents call me fairly often looking for leads. They do have a strange model where no agent has a “lead territory” they just tend to recruit agents that want to work out on the road and just hit the road every Monday. There are guys out there that prefer to do that rather than be at home every night.

    If you're away from home, you'll work more hours…..or party more. I did that for a few years when I 1st started in the early 70's. It gets old.

  12. goillini52

    If you're away from home, you'll work more hours…..or party more. I did that for a few years when I 1st started in the early 70's. It gets old.

    Yes. To me it makes for less stable agents. Probably fun for young single guys. Not great as you get older and more mature.

  13. Newby

    Their agents call me fairly often looking for leads. They do have a strange model where no agent has a “lead territory” they just tend to recruit agents that want to work out on the road and just hit the road every Monday. There are guys out there that prefer to do that rather than be at home every night.

    Any guy trying to stay married knows being home with their spouse every night is essential.
    They are laying next to the person every night who could destroy them financially.
    On the other hand if you’re a young single guy with a little game,traveling out a few nights a week and being in hotel rooms can be very exciting when you use Tinder and Bumble.
    I bet their agents have some really good stories 😉

  14. noah

    Any guy trying to stay married knows being home with their spouse every night is essential.
    They are laying next to the person every night who could destroy them financially.
    On the other hand if you’re a young single guy with a little game,traveling out a few nights a week and being in hotel rooms can be very exciting when you use Tinder and Bumble.
    I bet their agents have some really good stories 😉

  15. noah

    Any guy trying to stay married knows being home with their spouse every night is essential.
    They are laying next to the person every night who could destroy them financially.
    On the other hand if you’re a young single guy with a little game,traveling out a few nights a week and being in hotel rooms can be very exciting when you use Tinder and Bumble.
    I bet their agents have some really good stories 😉

    When I got divorced I was the bumble and tinder king . It’s like being in a candy store . Met 3 some days . But when your meeting 3 so are they . Woman coming off a long marriage want to get wild . But I told every woman up before we met we go dutch . You got a job just like me and you want sex just like me .But my business suffered big .

  16. Tinder king !
    Sounds like you’re having a lot of fun. You only go thru life once might as well knock down as many as you can.
    Could you imagine being married to one of those ladies selling on the road for Orca ?
    These young guys today have to deal with that.
    I’m sure they wouldn’t want you in the same hotel,in a room down the hall 300 miles away from home playa!

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