CMFG Life Insurance Company and Laureen A. Winger entered into a definitive agreement to acquire Prearranged Funeral Insurance and Final Expense Business (“Global Preneed”) from Assurant, Inc. (NYSE:AIZ) and Interfinancial Inc. for $1.3 billion on March 8, 2021. CMFG Life Insurance will acquire Family Considerations, Inc. and FamilySide, Inc. from Assurant and American Memorial Life Insurance Company, Union Security Insurance Company and Assurant Life of Canada from Interfinancial Inc. for $1.25 billion in cash, subject to adjustments. Global Preneed reported $48 million net income and $491 million in revenue for year 2020. Upon closing, Global Preneed will be managed as an independent business with existing Preneed employees remaining at their current locations and joining CMFG Life Insurance. The consummation of the transaction is subject to the satisfaction or waiver of customary closing conditions, including regulatory approvals, approval of the Kansas Insurance Department, the South Dakota Division of Insurance and the Minister of Finance under the Insurance Companies Act (Canada), the expiration or early termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, the approval under the Competition Act, R.S.C., 1985.c. C-34, as amended, and execution of ancillary agreements. The consummation of the transaction is not subject to a financing contingency. The transaction is expected to close by the end of the third quarter of 2021. The Global Preneed sale will generate approximately $1.2 billion of net proceeds. Assurant intends to return 75% or $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. Assurant intends to invest the remaining transaction proceeds primarily in its connected world businesses, comprising Connected Living, Global Automotive and Multifamily Housing, to support long-term profitable growth and further strengthen its competitive position. Perella Weinberg Partners served as financial advisor and Ethan Lenz, Thomas Hrdlick and Maureen Easton of Foley & Lardner LLP acted as legal advisors to CMFG Life Insurance. Goldman Sachs & Co. LLC served as financial advisor and Nicholas F. Potter, Thomas Kelly, Sunil Savkar, Peter Schuur and Meir Katz of Debevoise & Plimpton LLP acted as legal advisors to Assurant, Inc. CMFG Life Insurance Company and Laureen A. Winger completed the acquisition of Prearranged Funeral Insurance and Final Expense Business (“Global Preneed”) from Assurant, Inc. (NYSE:AIZ) and Interfinancial Inc. for $1.4 billion on August 2, 2021.