Assurant: Everything you need to know
Headquarters address: New York City, New York
Annual revenue (2020): $9.5 billion
Global locations: China, India, Japan, Singapore, South Korea, Australia, New Zealand, Puerto Rico, Canada, USA, Argentina, Brazil, Chile, Colombia, Mexico, Peru, UK, The Netherlands, France, Spain, Germany, Italy
Underwriting expertise: specialty, renters, lender-placed homeowners, flood, and pre-funded funeral insurance; mobile device protection products; mobile device logistics and repairs; extended service products and related services
Key people: President and CEO Alan B. Colberg
Assurant is a global provider of risk management solutions, mainly focusing on the lifestyle and housing protection markets. It offers five segments:
- Assurant Solutions: offers credit-related insurance, debt protection administration, warranties and service contracts, and pre-funded funeral insurance.
- Assurant Health: offers cover for individuals and small employers.
- Assurant Specialty Property: provides lender-placed homeowner insurance and manufactured housing homeowners’ insurance.
- Assurant Employee and Benefits: offers group dental insurance, group vision insurance, group disability insurance, group life insurance, and supplemental worksite insurance.
- Corporate & Other: focuses on a company’s financing and interest expenses, interest income from short-term investments held, and net realized gains on investments.
The Fortune 500 company is active in more than 20 countries. It supports some of the most trusted brands, particularly mobile carriers and multiservice operators, financial institutions, retailers, original equipment manufacturers, vehicle dealers, funeral service providers, and property management companies.
History of Assurant
Assurant’s background can be traced to the launch of the La Crosse Mutual Aid Association in 1892, which sold disability insurance in Wisconsin. It later changed its name to Time Insurance Company. In 1978, Dutch company NV AMEV acquired Time Insurance Company. In 1990, NV AMEV bought VSP GROEP NV bank to become The Netherlands’ first financial conglomerate combining banking and insurance – resulting in the creation of Fortis. The company was eventually renamed Assurant.
In 2018, Assurant continued to expand its services by acquiring The Warranty Group, extending the company’s service contracts and financial services businesses across the globe. It is also the largest acquisition by the company.
Leadership at Assurant
Alan B. Colberg – President and CEO
Colberg was named Assurant’s president in September 2014, then CEO and board director in January 2015. He is responsible for driving Assurant’s profitable growth, which leads to outperformance for its employees, customers, and shareholders.
In April 2015, Colberg led Assurant throughout the realignment of its business strategy to build on its core capabilities and focus on global trends in the lifestyle and housing protection markets. In 2017, he led the company’s $2.5 billion acquisition of The Warranty Group, making Assurant the leading global lifestyle provider and one of the global leaders in vehicle protection.
Culture at Assurant
Assurant aims to be a responsible employer while helping communities and meeting customers’ needs. It supports diversity in the workplace, drives its people’s growth, encourages innovation, and enhances employee engagement. As part of the company’s commitment to diversity, CEO Alan Colberg leads Assurant’s Global Diversity & Inclusion Council that is composed of 20 employees with diverse backgrounds. In 2020, the company earned a top score of 100 in the Human Rights Campaign’s 2020 Corporate Equality Index and was named one of the Best Places to Work for LGBTQ Equality for the second consecutive year.
The company also focuses on remaining ethical by adhering to the highest standards of business integrity as well as social and environmental responsibility. As part of its commitment, Assurant’s global Code of Business Conduct and Ethics outlines the values and behaviors expected from its people as well as the processes for reporting suspected unethical behavior.