Assurant%2C+Inc. (NYSE:AIZ, Financial), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced it closed the sale of its prearranged funeral insurance and final expense business, Global Preneed, and related legal entities and assets to+CUNA+Mutual+Group, a broad financial services provider, for approximately $1.35 billion in cash.
“This sale marks an important milestone in the transformation of Assurant, sharpening our focus on our market-leading lifestyle and housing businesses, and better positioning our company to capitalize on future growth opportunities emerging around the connected consumer,” said Assurant CEO Alan Colberg. “I want to thank all Global Preneed employees for their dedication to serving their two million policyholders and for building a business that will be a great strategic fit as a part of CUNA Mutual Group.”
The Global Preneed sale will generate approximately $1.2 billion of net proceeds. As previously disclosed, the company intends to return approximately $900 million of the net proceeds to shareholders through share repurchases within one year of closing. This is in addition to returning $470 million in 2021 via share repurchases and common stock dividends under the company’s existing three-year, $1.35 billion capital return plan, which is expected to be completed by the end of the year.
The company intends to invest the remainder of the net proceeds primarily in support of its connected world businesses, comprised of Connected Living, Global Automotive and Multifamily Housing, to enable long-term profitable growth and further strengthen its competitive position.
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
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