CUNA Mutual acquires funeral insurance business

Madison-based CUNA Mutual Group has entered into a definitive agreement to acquire Assurant’s prearranged funeral insurance and final expense business in the U.S. and Canada for $1.3 billion, according to a release from the company. The insurance product serves more than 2 million consumers with prearranged funeral insurance, also known as preneed. The acquisition is expected to close by the end of the third quarter, subject to applicable regulatory approvals and other customary closing conditions.