Assurant to Provide Flood Insurance for Nationwide Policyholders and Agents
April 22 2016 - 8:00AM
Business Wire
Seamless Transition for
Policyholders
Assurant, Inc. (NYSE:AIZ) announced today an agreement with
Nationwide to provide flood insurance coverage options for
policyholders and agents, following Nationwide’s exit as a “Write
Your Own” carrier in the National Flood Insurance Program.
Assurant, the second-largest NFIP flood insurance provider in
the nation, will acquire the opportunity to renew approximately
250,000 policies representing approximately $230 million in written
premium under the NFIP, the federally-guaranteed program protecting
millions of American properties. Terms of the transaction were not
announced.
“This transaction supports our strategy to protect where
customers live and what they buy,” said Gene Mergelmeyer, president
and CEO of Assurant Specialty Property, a business segment of
Assurant. “We continue to build upon our leadership position in the
flood insurance market, protecting thousands of properties, and we
are proud to serve a new group of Nationwide agents and
customers.
“We will work with Nationwide to ensure a seamless transition
for policyholders and agents, and look forward to providing them
with excellent service.”
Under the NFIP, WYO insurance providers issue policies and
service claims, through which the federal government covers flood
losses for participating property owners.
There will be no changes to existing Nationwide NFIP benefits or
policies, which remain in effect through their renewal date. At
renewal, Nationwide has arranged for existing NFIP policyholders to
have the option to easily renew through Assurant. Nationwide agents
will have the ability to offer NFIP policies through Assurant on an
ongoing basis.
“As Nationwide shifts its focus to our core products over the
long-term, we’re pleased to arrange alternative flood coverage
options for our customers with Assurant,” said Sabrina Freiberg,
leader of Nationwide’s brokerage solutions team. “Our goal is to
make this a seamless transition for all parties involved.”
About Assurant
Assurant Inc. (NYSE: AIZ) is a global provider of risk
management solutions, protecting where consumers live and the goods
they buy. A Fortune 500 company, Assurant focuses on the housing
and lifestyle markets, and is among the market leaders in mobile
device protection; vehicle protection; pre-funded funeral
insurance; renters insurance; lender-placed homeowners insurance;
and mortgage valuation and field services. With approximately $30
billion in assets and $8 billion in annual revenue, Assurant is
located in 15 countries, while its Assurant Foundation works to
support and improve communities. Learn more at assurant.com or on
Twitter @AssurantNews.
###
CAUTIONARY STATEMENT - Some of the statements included in this
news release, particularly statements regarding this acquisition,
may be forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on management's best estimates, assumptions
and projections and are subject to significant uncertainties.
Assurant 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
general risk factors that could affect our results, please refer to
the risk factors identified in our annual and periodic reports,
including but not limited to our 2015 Annual Report on Form 10-K,
as filed with the U.S. Securities and Exchange Commission.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160422005096/en/
Assurant Media:Assurant Specialty PropertyRobert Byrd,
770.763.2319Senior Director,
Communicationsrobert.byrd@assurant.comorNationwide
Media:Eric Hardgrove, 614-677-8516Director, Public
Relationshardgre@nationwide.comorAssurant Investor
Relations:Suzanne Shepherd, 212.859.7062Vice President,
Investor Relationssuzanne.shepherd@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