Profile: Assurant Inc (AIZ)
6 Dec 2016
Assurant, Inc. (Assurant), incorporated on October 10, 2003, is a provider of specialty protection products and related services, which operates in North America, Latin America, Europe and other markets across the world. The Company's segments include Assurant Solution, Assurant Specialty Property and Corporate & Other. The Assurant Solutions segment provides mobile device protection products and services; debt protection administration; credit insurance; extended service products and related services for consumer electronics, appliances and vehicles, and offers pre-funded funeral insurance. The Assurant Specialty Property segment provides lender-placed homeowners insurance; property preservation and valuation services; flood insurance; renters insurance and related products, and manufactured housing homeowners insurance. The Corporate & Other segment includes activities of the holding company, financing and interest expenses, net realized gains (losses) on investments and interest income earned from short-term investments held.
The Company's Assurant Solutions is focused on three product areas: domestic and international extended service contracts (ESCs) and warranties, including preneed life insurance and international credit insurance. Through partnerships with retailers and original equipment manufacturers, the Company underwrites and provides administrative services for ESCs and warranties. Its contracts provide consumers with coverage on mobile devices, personal computers, consumer electronics, appliances, automobiles and recreational vehicles, protecting them from certain covered losses. The Company pays the cost of repairing or replacing customers' property in the event of mechanical breakdown, accidental damage and casualty losses, such as theft, fire and water damage. The Company also provides administration, claims handling, logistics and customer service.
The Company's preneed life insurance allows individuals to prepay for a funeral in a single payment or in multiple payments over a fixed number of years. The insurance policy proceeds are used to address funeral costs at death. These products are only sold in the United States and Canada, and are generally structured as whole life insurance policies in the United States and annuity products in Canada. The Company's credit insurance products offer protection from life events and uncertainties that arise in purchasing and borrowing transactions. Credit insurance programs generally offer consumers the option to protect a credit card or installment loan balance or payments in the event of death, involuntary unemployment or disability, and are generally available to all consumers without the underwriting restrictions that apply to term life insurance. In its preneed life insurance business, it has a relationship with Services Corporation International (SCI), the funeral provider in North America. In addition to the domestic market, the Company operates in Canada, the United Kingdom, Ireland, Argentina, Brazil, Puerto Rico, Chile, Germany, Spain, Italy, France, Mexico, China, Colombia, Peru, Ecuador and South Korea.
Assurant Specialty Property
The Company's Assurant Specialty Property is focused on lender-placed homeowners insurance, and with characteristics, such as multi-family housing insurance, lender-placed flood insurance and other property risk management services. The Company's product line within Assurant Specialty Property includes homeowners insurance, consisting principally of fire and dwelling hazard insurance offered through its lender-placed programs. The lender-placed program provides collateral protection to lenders, mortgage servicers and investors in mortgaged properties in the event that a homeowner does not maintain insurance on a mortgaged dwelling. It protects both the lender's interest and the borrower's interest and equity, and also provides insurance on foreclosed properties managed by its clients. This insurance is called Real Estate Owned (REO) insurance. The Company's manufactured housing insurance is offered on a lender-placed and voluntary basis. The tracking is performed by Assurant Specialty Property using an insurance tracking administration system or by the lenders themselves.
The Company offers its manufactured housing insurance programs primarily through manufactured housing lenders and retailers, along with independent specialty agents. The independent specialty agents distribute flood products and miscellaneous property products. Its multifamily housing products are distributed primarily through property management companies and affinity marketing partners. Its lender-placed homeowner's insurance program and its manufactured housing products are not underwritten on an individual policy basis.
28 Liberty St Fl 41
NEW YORK NY 10005-1449