NU Online News Service, July 6, 2004, 1:15 p.m. EDT
Robert Devlin, the former chairman of American General Corp., Houston, is getting financing from a company that sells granite tombstones.[@@]
Rock of Ages Corp., Concord, N.H., a publicly traded granite quarry, has agreed to invest $3.5 million to buy an 8% stake in FFS Holdings Inc., New York.
Devlin, the chairman of FFS, formed the company to make investments in the insurance industry and related industries. FFS recently announced the completion of a $280 million deal to acquire Forethought Financial Services Inc., Batesville, Ind., a large funeral insurance company.
Douglas Schair, the former chief investment officer of Life Re Corp., Stamford, Conn., is the vice chairman of FFS, and he holds 18% of FFS’ voting shares. Schair also sits on the board of Rock of Ages, and he holds 12% of Rock of Ages’ common stock, FFS says.