A large financial services company has completed previously announced plans to expand its burial expense operations.
Assurant Inc., New York, has paid about $68 million in cash to acquire Mayflower National Life Insurance Company, New Orleans, from Service Corp. International, Houston.
Service Corp., a company that owns 1,500 funeral homes, ended up with Mayflower in December 2006, when it bought Alderwoods Group Inc., Cincinnati, a funeral home company.
Assurant is putting Mayflower, which generates about $52 million in annual net earned premiums, in its Atlanta-based Assurant Solutions division, Assurant says.
Assurant reports it also has completed negotiations for a 3-year extension of an agreement that gives it exclusive rights to sell funeral insurance through Service Corp. funeral homes in the United States, Canada and Puerto Rico. The agreement now is set to last until Sept. 30, 2013, Assurant says.