Assurant Inc. Provides risk management products and services globally. It has headquarters in New York. The Company specializes in niche market insurance products.
The company operates in three segments global housing, global lifestyle, and global preened. The company was originally named Fortis. Assurant Inc. ranks 440th out of 500 in the fortune 500 lists of companies.
Assurant Inc Review 2019
History – The roots of this company can be traced back to the 1890s’. Initially known as the Time Insurance Company, it was acquired by AMEV holdings in 1978. AMEV then went on to acquire multiple frontier companies in the insurance sector and rebranded itself as Fortis Inc. in 1991. Fortis Inc. continued to acquire insurance companies and Assurant Inc. was finally split of its parent company in 2004.
Recent market activity – After being an insurance market presence for more than 10 years as Assurant Inc., the company announced its exit from health insurance in June 2015. This was done with the sole purpose of shifting focus to housing and lifestyle insurance segments.
2009-2010 fiasco – Back in2009 and 2010 Assurant was found to cancel health policies for some of their clients and denied their claims. Generally, these clients had serious medical conditions. 12 States criticized Assurant for its actions and levied fines. A number of cases have been reported. The largest of them was where a woman was awarded 37.1 million dollars as punitive damages.
Global Housing Segment – This segment of Assurant Inc. provides its clients with multiple housing options. These include lender-placed insurance (which is placed to protect loans), multi-family housing, and mortgage solutions. Flood insurance is also provided in relevant areas. Renters insurance and other related services are also provided.
Global Lifestyle Segment – This segment is the latest addition to the business segment of Assurant Inc. The company has benefited from the recent increase in the use of cell phone and other mobile devices. This segment primarily deals in the provision of device protection and extension of the service contract.
Global Preened segment – This segment has been nicknamed the morbid segment by a few analysts as Assurant Inc. has put pre-funded funeral insurance and annuity products under this head. The company provides various annuity plans for a large range of age groups.
Assurant Inc. Partners – The company has allied itself with property management companies, insurance agencies, software providers, and financial institutions to ensure smooth and undisturbed functioning of its operations worldwide.
Global Presence – The company is operational in three continents. North America, South America, and Europe. It is planning to expand into Asia, although it has already gained footholds in Asia-pacific.
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Assurant Inc. is an organization with a long history and a close association with the United States of America. Over the last Century, Assurant has spread all over North America, Latin America, and Europe as one of the leaders in the insurance industry.
The company has put sizable effort into downsizing and cutting itself from the health insurance segment. This was a strategic decision and will pay dividends in the future. This is a safe bet for investors but, growth after 2019 may slow down a little.