Assurant Completes Sale of Supplemental & Small Group Self-Funded Health Insurance Bus. Lines to National General Holdings Co...
October 01 2015 - 4:30PM
Business Wire
Company Continues to Strengthen Focus on
Housing and Lifestyle Protection Offerings
Assurant, Inc. (NYSE: AIZ) today announces the closing of the
sale of certain business lines and assets from its health insurance
business to National General Holdings Corp., effective immediately.
The transaction supports Assurant’s strategic plans to exit the
health insurance market and sharpen its focus on niche housing and
lifestyle protection offerings.
“Today’s agreement marks another important milestone for
Assurant as we continue to realign our business to drive
sustainable, profitable growth,” said Assurant President and CEO
Alan B. Colberg. “We will work with National General Holdings Corp.
to ensure a seamless transition for our employees, policyholders
and brokers.”
Under the terms of the agreement, National General Holdings
Corp. (NASDAQ:NGHC) acquired Assurant Health’s supplemental and
small group self-funded product lines, a proprietary small group
sales channel and certain assets for $14 million in cash.
Current policyholder benefits remain unchanged. To support the
business, National General Holdings Corp. has hired approximately
165 employees from Assurant Health.
Forward-Looking Statement
Some of the statements included in this news release,
particularly those regarding our intent, belief or expectations,
including, but not limited to, statements relating to the Company’s
execution of its strategic plans to exit the health insurance
market, constitute forward-looking statements within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those projected in the
forward-looking statements. The Company undertakes no obligation to
update any forward-looking statements in this news release as a
result of new information or future events or developments. For a
detailed discussion of the risk factors that could affect our
actual results, please refer to the risk factors identified in our
SEC reports, including, but not limited to our 2014 Annual Report
on Form 10-K and 2015 First and Second Quarter Forms 10-Q, as filed
with the SEC.
About Assurant
A global provider of specialty protection products and related
services, Assurant (NYSE: AIZ) safeguards clients and consumers
against risk. A Fortune 500 company, Assurant partners with clients
who are leaders in their industries to provide consumers peace of
mind and financial security. Our diverse range of products and
services includes: mobile device protection products and services;
extended service products and related services for consumer
electronics, appliances and vehicles; pre-funded funeral insurance;
lender-placed homeowners insurance; property preservation and
valuation services; flood insurance; renters insurance and related
products; debt protection administration; credit insurance;
manufactured housing homeowners insurance; group dental insurance;
group disability insurance; and group life insurance.
With approximately $30 billion in assets and $8 billion in
annual revenue, Assurant provides its specialty protection
offerings primarily through Assurant Solutions, Assurant Specialty
Property, and Assurant Employee Benefits. Through the Assurant
Foundation, established more than 30 years ago, the company and its
employees are dedicated to supporting and partnering with
organizations that improve communities. www.assurant.com and follow
us on Twitter @AssurantNews.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151001006777/en/
Media:Vera CarleyAssistant Vice President, External
CommunicationPhone:
212.859.7002vera.carley@assurant.comorInvestor
Relations:Jisoo SuhManager, Investor RelationsPhone:
212.859.5831jisoo.suh@assurant.com
Assurant (NYSE:AIZ)
Historical Stock Chart
From Mar 2024 to Apr 2024
Assurant (NYSE:AIZ)
Historical Stock Chart
From Apr 2023 to Apr 2024