Global Atlantic Financial Group (“Global Atlantic”), a leading
insurance company meeting the retirement and life insurance needs
of individuals and institutions, today announced a 10-year
partnership with Service Corporation International (“SCI”),
positioning it to become the preferred provider of preneed
insurance for North America's largest provider of funeral,
cremation and cemetery services. Preneed insurance is a type of
life insurance policy created to help cover the costs associated
with funeral expenses, providing peace of mind for the individual
and alleviating the potential financial burden on their family.
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.
"We are pleased to deepen our relationship with the team at
SCI," said Rob Arena, Co-President of Global Atlantic. "Our
commitment to protecting and helping families during some of the
most difficult moments of their lives will be heightened by this
new partnership, allowing us to serve more customers in their time
of need with greater product enhancements and innovation. We look
forward to the strengthened possibilities that our joint
collaboration will bring."
The partnership creates an unparalleled opportunity to serve
families across North America. SCI serves more than 600,000
families each year through its diverse portfolio of over 1,900
locations across 44 U.S. states, the District of Columbia, and
Puerto Rico.
SCI’s Chairman and CEO, Tom Ryan, said, “We are pleased to name
Global Atlantic as our preferred preneed insurance provider, and
look forward to a long and collaborative partnership.”
The partnership also functions as a model for the preneed
industry, implementing digital developments that will make for a
seamless customer experience.
“These advances will usher in new efficiencies well beyond
industry norms, easing the administrative burden on the customer
with streamlined processes,” said 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.“
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.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company
meeting the retirement and life insurance needs of individuals and
institutions. With a strong financial foundation and risk and
investment management expertise, the company delivers tailored
solutions to create more secure financial futures. The company's
performance has been driven by its culture and core values focused
on integrity, teamwork, and the importance of building long-term
client relationships. Global Atlantic is a wholly owned subsidiary
of KKR, a leading global investment firm. Through its relationship,
the company leverages KKR's investment capabilities, scale and
access to capital markets to enhance the value it offers clients.
KKR's parent company is KKR & Co. Inc. (NYSE: KKR).
About Service Corporation International
Service Corporation International (NYSE: SCI), headquartered in
Houston, Texas, is North America's leading provider of funeral,
cemetery and cremation services, as well as final-arrangement
planning in advance, serving more than 600,000 families each year.
Our diversified portfolio of brands provides families and
individuals a full range of choices to meet their needs, from
simple cremations to full life celebrations and personalized
remembrances. Our Dignity Memorial® brand is the name families turn
to for professionalism, compassion, and attention to detail that is
second to none. At March 31, 2024, we owned and operated 1,485
funeral service locations and 490 cemeteries (of which 306 are
combination locations) in 44 states, eight Canadian provinces, the
District of Columbia, and Puerto Rico. For more information about
Service Corporation International, please visit our website at
www.sci-corp.com. For more information about Dignity Memorial®,
please visit www.dignitymemorial.com.
Certain information contained in this press release constitutes
“forward-looking statements,” which can be identified by the use of
forward-looking terminology such as “may,” “will,” “should,”
“expect,” “anticipate,” “project,” “estimate,” “target,” “intend,”
“continue,” “believe,” or “positions,” or other variations thereon
or comparable terminology. The forward-looking statements speak
only as of the date hereof and are based on Global Atlantic’s
current beliefs, assumptions and expectations. Due to various
risks, uncertainties and contingencies, including but not limited
to obtaining required regulatory approvals, closing on signed
transactions and whether the anticipated benefits of a transaction
can be achieved within expected timeframes, actual events or
results or performance may differ materially from what is reflected
or contemplated in such forward-looking statements. Global Atlantic
undertakes no obligation to update or revise any of these
forward-looking statements, whether to reflect new information,
future events or circumstances or otherwise. Past performance is
not a guarantee of future results.
Global Atlantic Financial Group (Global Atlantic) is the
marketing name for The Global Atlantic Financial Group LLC and its
subsidiaries, including Forethought Life Insurance Company and
Accordia Life and Annuity Company. Each subsidiary is responsible
for its own financial and contractual obligations. These
subsidiaries are not authorized to do business in New York.
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version on businesswire.com: https://www.businesswire.com/news/home/20240708911822/en/
Global Atlantic: Jenn Bernstein, 860-966-0981,
Jennifer.Bernstein@gafg.com ICR: Brian Ruby, 203-682-8268,
Brian.Ruby@icrinc.com Adam Gerber, 203-682-8389,
Adam.Gerber@icrinc.com SCI: Jay Andrew, 713-525-3468,
Jay.Andrew@sci-us.com
KKR (NYSE:KKR)
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