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Devlin Team Completes Funeral Insurer Deal

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NU Online News Service, July 1, 2004, 6:19 p.m. EDT

A company led by the former chairman of American General Corp., Houston, has completed a previously announced purchase of a funeral insurance company.[@@]

FFS Holdings Inc., New York, has acquired Forethought Financial Services Inc. from Hillenbrand Industries Inc., Batesville, Ind., for $280 million.

Robert Devlin, who was chairman of American General when American International Group Inc., New York, acquired the company in 2001, is the chairman of FFS, and Michael Poulos, a former vice chairman of American General, is another FFS principal.

Devlin announced in February that he planned to keep Forethought’s current management team, marketing operations and Batesville, Ind., headquarters in place.

Forethought has $3 billion in assets, annual sales of more than $450 million and 1.4 million policyholders.