A large financial services company has expanded its burial expense operations.
Assurant Inc., New York, has agreed to pay $65 million in cash for Mayflower National Life Insurance Company, New Orleans.
Assurant is acquiring Mayflower from Service Corp. International, Houston.
Service Corp., a funeral home company, ended up with Mayflower last week, when it completed the purchase of Alderwoods Group Inc., Cincinnati., a funeral home company.
Service Corp. now has 1,600 funeral homes but does not want to be in the funeral insurance business.