A company controlled by Robert Devlin, the former chairman of American General Corp., has agreed to acquire some funeral insurance operations from Assurant Inc.[@@]
Devlin’s company, Forethought Financial Services Inc., Batesville, Ind., has agreed to acquire Assurant’s U.S. independent funeral insurance sales business through a reinsurance arrangement.
Forethought and Assurant, New York, are not giving the price of the deal, but they say they expect transferring the independent funeral insurance business to Forethought will take about a year. Assurant says it will get cash payments from Forethought for 10 years.
Assurant will be keeping one major funeral insurance operation, American Memorial Life Insurance Company, which sells funeral insurance through Service Corp. International, Houston, a major funeral home chain. Assurant also will be keeping its Canadian funeral insurance business, according to Forethought and Assurant.