1. Assurant is like Aflac for your stuff, providing specialized protection plans for mobile devices, appliances, and cars, rather than health.

2. Assurant is like the Visa/Mastercard for product protection plans, enabling retailers, phone carriers, and lenders to offer various protection and extended warranty services to their customers.

• Mobile Device Protection: Provides extended warranties, repair, and replacement services for smartphones and other connected consumer electronic devices.
• Vehicle Protection Services: Offers vehicle service contracts, guaranteed asset protection (GAP) insurance, and other ancillary products for automobiles and recreational vehicles.
• Lender-Placed Insurance (LPI): Provides insurance coverage to mortgage lenders when homeowners fail to maintain adequate property insurance on their collateral.
• Specialty Housing Insurance: Offers property and casualty insurance products tailored for manufactured homes, flood risks, and renters.

Assurant (symbol: AIZ) primarily sells its risk management solutions and protection products to other businesses (B2B model), which then offer these solutions to their end-customers (a B2B2C model).

Assurant's public filings, such as its annual 10-K report, do not identify any single customer that accounts for 10% or more of its consolidated net earned premiums, fees, and other income. This indicates a diversified customer base among its large enterprise partners.

Therefore, instead of listing specific individual "major customers" by name (as none are disclosed for significant revenue concentration), we will describe the major categories of businesses that partner with Assurant, providing examples of public companies that operate within these categories.

Major Customer Categories (Business Partners)

1. Mobile Network Operators (MNOs) and Major Retailers

Assurant partners with leading mobile carriers and large electronics retailers globally to provide device protection plans, extended warranties, and trade-in programs for smartphones, tablets, and other connected devices.

Examples of Public Companies in this Category:

• Verizon Communications Inc. (VZ)
• AT&T Inc. (T)
• T-Mobile US, Inc. (TMUS)
• Best Buy Co., Inc. (BBY)
• Various other global mobile operators and retailers.

2. Financial Institutions (Mortgage Servicers and Lenders)

Assurant collaborates with banks, credit unions, and other lending institutions to offer lender-placed insurance (also known as force-placed insurance), flood insurance, and various mortgage solutions to protect their collateral and manage risks.

Examples of Public Companies in this Category:

• Wells Fargo & Company (WFC)
• JPMorgan Chase & Co. (JPM)
• Bank of America Corporation (BAC)
• Various other mortgage servicers and financial lenders.

3. Automotive Dealerships and Manufacturers

Assurant partners with automotive dealerships and manufacturers to provide vehicle service contracts (extended warranties), guaranteed asset protection (GAP), and other ancillary products to enhance the ownership experience and protect vehicle investments.

Examples of Public Companies in this Category:

• AutoNation, Inc. (AN)
• Penske Automotive Group, Inc. (PAG)
• Lithia Motors, Inc. (LAD)
• Various other large dealership groups and global automotive manufacturers.

Assurant's strategy focuses on building long-term, integrated partnerships with these large enterprises to distribute its specialized protection products and services to their end-consumers.

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Keith W. Demmings, President, Chief Executive Officer, and Director

Keith W. Demmings was appointed President and CEO of Assurant in January 2022, and he also serves as a director on the company's board. He joined Assurant in 1997 and has held various leadership positions, including President of Global Lifestyle and President of International, and President of Canadian business in 2005. In his role as President and CEO, Mr. Demmings is responsible for leading Assurant's global businesses, which encompass its Global Lifestyle and Global Housing operating segments.

Keith Meier, Executive Vice President and Chief Financial Officer

Keith Meier became Executive Vice President and Chief Financial Officer of Assurant in November 2023. Prior to this appointment, he served as the company's Chief Operating Officer. Mr. Meier's tenure at Assurant also includes serving as Executive Vice President and President of International Business from June 2016 to January 2022, and as Senior Vice President of Global Strategy and Mergers & Acquisitions between 2013 and 2016.

Michael P. Campbell, Executive Vice President, Chief Operating Officer

Michael P. Campbell was named Executive Vice President, Chief Operating Officer in August 2025, taking charge of Global Operations and Information Technology for Assurant. He joined Assurant in 2006 and has held several senior leadership roles, most recently serving as President, Global Housing since 2019, where he led the expansion and growth of that business.

Francesca Luthi, Executive Vice President, Chief Administrative Officer

Francesca Luthi serves as Executive Vice President and Chief Administrative Officer at Assurant. She previously held the titles of Executive Vice President, Chief Communication and Marketing Officer, as well as Senior Vice President of Investor Relations and Communication at Assurant. Prior to her time at Assurant, Ms. Luthi held various senior-level investor relations and communication positions at BearingPoint and Accenture.

Jay Rosenblum, Executive Vice President, Chief Legal Officer

Jay Rosenblum is the Executive Vice President and Chief Legal Officer at Assurant. In this role, he is responsible for overseeing the company's legal affairs.

The key risks to Assurant (AIZ) primarily revolve around its exposure to natural catastrophes, a dynamic regulatory and competitive landscape, and market fluctuations impacting its investment portfolio.

1. Exposure to Catastrophe Losses: Assurant's Global Housing segment, which includes property insurance, is highly susceptible to losses from natural disasters. The company's earnings are sensitive to catastrophe events, and while management often reports results excluding these impacts ("ex-cat"), this approach may understate the true volatility and risk associated with increasing catastrophe exposures. For instance, reportable catastrophe losses from events like California wildfires are projected to approach or exceed the company's reinsurance retention threshold.
2. Regulatory and Competitive Pressures: Assurant operates within heavily regulated insurance and financial services sectors across various global jurisdictions. Changes in these regulations can pose significant operational and financial challenges. Furthermore, the company faces intense competition from both traditional insurance providers and emerging tech-driven startups, which could impact its market share, pricing power, and overall profitability.
3. Market Risk in Investment Portfolio: A substantial portion of Assurant's profitability relies on returns from its investment portfolio. This portfolio is subject to market risks, including fluctuations in interest rates. Changes in interest rates can materially and adversely affect the fair value and investment income generated from fixed maturity securities, which represented approximately 84% of Assurant's total investments as of December 31, 2024, thereby impacting its capital and financial performance.

The "Right to Repair" movement and related legislative changes pose a clear emerging threat to Assurant, particularly its Global Lifestyle segment which includes mobile device protection plans and extended service contracts for electronics and appliances.

This movement, gaining significant traction with new laws passed or under consideration in multiple U.S. states (e.g., New York, California, Colorado) and in the European Union, aims to make it easier and cheaper for consumers and independent shops to repair electronic devices and other goods. Should these efforts lead to a substantial increase in product repairability, lower repair costs, and broader access to parts and repair information, it could significantly diminish the perceived value and necessity of Assurant's extended warranty and protection plan offerings. Consumers might increasingly opt for self-repair or independent repair, bypassing manufacturer- or carrier-backed programs administered by Assurant, thus eroding a key revenue stream.

Assurant (AIZ) operates primarily in two main segments: Global Housing and Global Lifestyle, which includes Connected Living and Global Automotive. The addressable markets for their main products and services are as follows:

• Renters Insurance: The global renters insurance market was valued at $74 billion in 2024 and is estimated to reach $158.1 billion by 2034, exhibiting a compound annual growth rate (CAGR) of 7.6% from 2025 to 2034. North America held the largest market share in 2024. The U.S. renters insurance market is a growing market, with over 44 million U.S. renters.
• Extended Warranty: The global extended warranty market is expected to reach $159.38 billion in 2025 and is projected to grow to $240.78 billion by 2030, with a CAGR of 8.60%. North America led this market with a 37.5% share in 2024, and accounts for approximately 45% of the global share.
• Mobile Device Protection: The global Mobile Phone Insurance (MPI) Market size was valued at $38.69 billion in 2023 and is predicted to reach $76.36 billion by 2030, with a CAGR of 12.0% from 2024 to 2030. The U.S. market for mobile phone insurance was valued at $9.60 billion in 2024 and is anticipated to reach approximately $28.5 billion by 2034, expanding at a CAGR of 11.8% from 2025 to 2034. North America accounted for 34.6% of the global market share.
• Vehicle Protection Services (including Guaranteed Auto Protection - GAP): The global vehicle protection service market is estimated to be valued at $146.31 billion in 2025 and is expected to reach $292.46 billion by 2032, growing at a CAGR of 10.4% from 2025 to 2032. More specifically, the global Guaranteed Auto Protection (GAP) Insurance Market is projected to grow from $7.79 billion in 2024 to $13.40 billion by 2035, with a CAGR of 5.09% from 2025 to 2035. North America dominated the GAP insurance market in 2023, accounting for over 34% of the share.

Share Repurchases

• Assurant anticipates repurchasing $300 million in shares for 2025.
• In the third quarter of 2025, Assurant completed $81 million in share repurchases, with an additional $27 million between October 1 and October 31, 2025.
• As of March 31, 2025, $312.1 million remained under the total share repurchase authorization.
• In January 2021, the board authorized a new share buyback program of up to $600 million, following the completion of a prior authorization that had $186 million remaining as of December 31, 2020.

Share Issuance

• No significant share issuances for capital raising purposes were reported over the last 3-5 years.

Outbound Investments

• In October 2025, Assurant acquired OptoFidelity's mobile device test automation technology to enhance automation capabilities in its Device Care Centers.
• During the second quarter of 2025, Assurant made strategic acquisitions of u Solutions in Japan and Justato in Brazil to expand its repair capabilities.
• In 2021, the company received approximately $900 million from the sale of its Global Preneed business, which contributes to capital reallocation.

Capital Expenditures

• Assurant focuses its investments on technology, including digital and AI capabilities, across its insurance segments.
• For 2025, approximately $15 million is allocated to strategic investments specifically tied to launching high-impact programs and client initiatives.
• In October 2024, an Innovation and Device Care Center was opened to support mobile device lifecycle solutions and leverage automation, robotics, and AI.