It was announced in this press release yesterday from Global Atlantic Financial Group (Global Atlantic) that the company had formed a partnership with the largest provider of funeral, cemetery, and cremation services in North America, Service Corporation International (SCI).

 

Announced in the press release as a “10-year partnership, Global Atlantic says it will be positioned to become the preferred provider of preneed insurance for SCI.  Again according to the release, “This preferred partnership provides Global Atlantic the opportunity to significantly grow its preneed business and positions the firm to become the number one provider of preneed insurance in North America, advancing its profile in the industry”.

 

According to a prepared statement by John Walls II, Preneed Business Development for Global Atlantic,  “This relationship will allow us to be better stewards in the industry, serving all clients with better technology and support”.

 

SCI Chairman and CEO Tom Ryan made this prepared statement in the press release, “We are pleased to name Global Atlantic as our preferred preneed insurance provider, and look forward to a long and collaborative partnership.”

 

The press release from Global Atlantic also contains this statement, “To assist with a significant increase in preneed business activity, Global Atlantic has established a comprehensive operational readiness plan, including new features to support customers, such as electronic claim submissions, and the addition of new jobs across its Batesville, Des Moines and Hartford offices. Global Atlantic’s new partnership with SCI adds to its existing core preneed business. The firm remains committed to providing those core preneed policyholders and the funeral homes they support with the strategic planning and tactical assistance they are accustomed to.”

 

Funeral Director Daily take:  An industry insider had told me, over a month ago, that Service Corporation International was, or had, been interviewing prospective companies to form an alliance with in the preneed context of their business.  On one hand, it comes as somewhat a surprise to me that Global Atlantic Financial Group was the entity that they decided to go with.

 

On the other hand, in hindsight, there are a couple of reasons to look at Global Atlantic Financial Group as one who might put up a strong bid.  For one, Global Atlantic has had in their stable of companies preneed provider Forethought Life Insurance Company.  And, secondly, Global Atlantic ownership was taken over 100% in January 2024 when global investment and private equity firm KKR bought the remaining 37% of Global Atlantic that they didn’t own to become a 100% owner.

 

In my mind that is a powerful combination — Forethought Life has the history and relationships in preneed and KKR has the ambition. . and more than likely the capital to build up and finance the preneed side of Global Atlantic.

 

For those of you too young to remember, Forethought Life was originally developed for the preneed industry by Hillenbrand Industries and Batesville Casket Company in the 1980s.

 

Here’s the press release on KKR purchasing the final percentages of stock in Global Atlantic

Here’s the Preneed page from the Global Atlantic website

Here’s the Main Page of the Global Atlantic website

 

More news from the world of Death Care:

• Gerald’s Law would grant VA funeral, burial benefits to VA hospice patients.  Hospice News
• How Harvard was exposed in nationwide human remains trade.  Print article and radio.  WBUR public radio (MA)
• Tooth enamel helps unravel mystery of ancient Greek cemetery.  Arizona State University News (AZ)
• Hogenkamp funeral Homes celebrate 150 years.  Mercer County Outlook (OH)
• Denver Death Custodian wants to clean up services for the deceased.  Westworld (CO)

 

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