ASSURANT, INC.

Overview

Assurant, Inc. is a global protection and business services company that partners with major brands to safeguard and service connected devices, homes and automobiles, using data-driven technology to support customer experience. Its business is organized primarily into two operating segments: Global Lifestyle and Global Housing.[1][2] Global Lifestyle includes mobile device solutions, extended service contracts and related services for consumer electronics and appliances, financial and insurance products, and vehicle protection and related services, while Global Housing provides lender-placed, manufactured housing, flood, homeowners and renters insurance products.[3]+2

Geographically, Assurant operates across North America, Latin America, Europe and Asia Pacific, with the U.S. as its principal market.[1][6] The company describes itself as purpose-driven and says it helps customers maximize opportunities in a connected world.[7] As a size indicator, Assurant reported 2024 revenue of about $11.9 billion and had approximately 14,200 employees representing more than 80 nationalities, with a presence in 21 markets globally.

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Products & services

Assurant’s products and services are concentrated in protection, insurance and service-contract offerings. In Global Lifestyle, its Connected Living portfolio includes mobile device solutions, extended service contracts and insurance policies for mobile devices, consumer electronics and appliances, plus related services such as program design, marketing support, risk management, data analytics, customer support and claims handling. Its mobile offerings also include trade-in and upgrade programs, device disposition, sales of repaired or refurbished devices, Certified Pre-Owned devices, premium technical support with self-diagnostic tools, and in-store same-day repairs through a network of more than 900 repair and partner locations. Global Automotive adds vehicle service contracts and ancillary products for automobiles, trucks, RVs, motorcycles, construction and agricultural equipment, and parts, along with services such as claims administration, reinsurance facilitation, actuarial consulting, training and performance management; Assurant also administers dealer-obligor service contracts where the dealer is the contract obligor.[3]+6

In Global Housing, Assurant offers lender-placed homeowners insurance that protects lenders, mortgage servicers and investors when borrowers fail to maintain required dwelling coverage, as well as lender-placed flood insurance. It also sells voluntary homeowners, condominium and manufactured housing insurance. Its renters offerings provide contents coverage for tenants and liability protection for property owners against renter-caused damage, and are paired with services including billing and tracking, tenant bonds and receivables management. Assurant also provides National Flood Insurance Program administration and claims processing services, and describes proprietary insurance-tracking and outreach systems as part of its housing-service capabilities.[4]+7

By 2024 net earned premiums, fees and other income, Global Lifestyle represented 78.5% of Assurant’s segment income and Global Housing 21.5%. Within Global Lifestyle, Connected Living accounted for 53.6% and Global Automotive 46.4%; within Connected Living, mobile device solutions represented 50.6% of the business, extended service contracts and related services for consumer electronics and appliances 38.8%, and financial services and other insurance products 10.6%. Within Global Housing, Homeowners represented 79.7% of segment income and Renters and Other represented 20.3%.

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Geographic presence

Assurant principally operates in the United States, as well as Europe, Latin America, Canada and Asia Pacific, and reports a presence in 21 markets globally.[6][9] On a consolidated basis, 2024 revenue was $9,815.5 million in the United States and $2,062.0 million in foreign countries, with revenue attributed to the country where the product was sold.[26][27] Within Global Lifestyle, 2024 revenue was 82.1% from North America (the U.S. and Canada), 7.5% from Latin America (Brazil, Argentina, Puerto Rico, Mexico, Chile, Colombia and Peru), 5.9% from Europe (the U.K., France, Italy, Spain, Germany and the Netherlands), and 4.5% from Asia Pacific (Japan, Australia, New Zealand, South Korea, India, Singapore and Hong Kong).[28]

Assurant’s principal executive offices are in Atlanta, Georgia, and it says its shared headquarters building in Atlanta serves as the corporate headquarters as well as the headquarters for its Global Lifestyle and Global Housing businesses.[29][30] The company also discloses Global Housing operations centers in Florence, South Carolina, and Springfield, Ohio, and notes that it leases office space and device care centers globally.[30] As of December 31, 2024, Assurant had about 14,200 employees representing more than 80 nationalities, with 75% of employees located in North America.

Business segments

Assurant reports two official operating segments: Global Lifestyle and Global Housing, with Corporate and Other presented separately for corporate employee-related expenses and holding company activities [31][5]. Global Lifestyle includes Connected Living, which covers mobile device solutions, extended service contracts, insurance policies and related services, and Global Automotive, which includes vehicle protection services, commercial equipment services and related services [3]+2. Global Housing includes Homeowners, which covers lender-placed homeowners, manufactured housing and flood insurance, as well as voluntary manufactured housing, condominium and homeowners insurance, plus Renters and Other [4]+2.

Based on 2024 segment revenues, Global Lifestyle is the dominant segment at about 78% of total segment revenue ($9.3 billion of $11.9 billion), while Global Housing contributes about 22% ($2.6 billion), and Corporate and Other is minimal at roughly 0.2% ($27.6 million) [34]. Within those segments, service contract and product sales revenues are noted as being primarily generated by Connected Living inside Global Lifestyle, while Global Housing’s comparable revenues are primarily generated by Homeowners [35][36].

Company history

Assurant traces its heritage to 1892, when the LaCrosse Mutual Aid Association was established in La Crosse, Wisconsin.[37] In 1999, Fortis completed its acquisition of American Bankers Insurance Group and combined that business with American Security Group under the new Assurant Group name, a key step in shaping the modern company.[38][39]

Assurant, Inc. was incorporated as a Delaware corporation in 2004, and it became a public company on February 5, 2004 through an initial public offering in which Fortis Insurance N.V. sold 80 million shares.[1]+2 A major later milestone came in 2018, when Assurant completed its approximately $2.5 billion acquisition of The Warranty Group, expanding its scale in protection, warranty and related service businesses.

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Sources

• ASSURANT, INC. — Full financial report (2024 Y)
  36 citations

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• www.assurant.com[37]
• www.assurant.com[38]
• www.assurant.com[39]
• www.sec.gov[40]
• ir.assurant.com[41]
• www.assurant.com[42]
• ASSURANT, INC. — Transcript (2018 Y)[43]