Assurant, Inc., together with its subsidiaries, provides lifestyle and housing solutions that support, protect, and connect consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service products and related services for mobile devices, consumer electronics, and appliances; vehicle protection and related services; and credit protection and other insurance products. The Global Housing segment provides lender-placed homeowners insurance, manufactured housing, and flood insurance; and renters insurance and related products, as well as voluntary manufactured housing insurance, voluntary homeowners insurance, and other specialty products. The company was formerly known as Fortis, Inc. and changed its name to Assurant, Inc. in February 2004. Assurant, Inc. was founded in 1892 and is headquartered in New York, New York.
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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.
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- 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.
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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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Here is the management team of Assurant (AIZ):
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.
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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.
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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:
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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.
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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.
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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.
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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.
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Assurant (AIZ) is expected to drive future revenue growth over the next 2-3 years through several key strategies across its business segments. These anticipated drivers are supported by recent earnings reports, investor presentations, and analyst insights:
* Growth in Connected Living: Assurant anticipates continued revenue expansion within its Connected Living segment, primarily fueled by new partnerships and a rise in subscriber additions. Recent examples include a multiyear agreement with a significant U.S. mobile carrier to manage a new logistics facility for mobile devices and a collaboration with Best Buy for the administration and underwriting of Geek Squad protection plans. This strategy involves both customer growth and the expansion of existing services.
* Expansion in Global Automotive: The company foresees sustained growth in its Global Automotive business. This is expected to be driven by strengthening and expanding existing partnerships, such as with Holman Automotive, and a strategic focus on entering attractive adjacent sectors within the automotive market. This represents both customer acquisition and market expansion.
* Strong Performance and Policy Growth in Global Housing: Assurant projects ongoing robust performance in its Global Housing segment, particularly within its lender-placed and renters insurance businesses. This growth is linked to significant policy increases, higher placement rates, and the renewal of multiyear agreements with major property management companies (PMCs) in the renters insurance space. This indicates growth in customer base and potentially favorable pricing.
* Strategic Partnerships and Client Acquisitions: A fundamental driver across Assurant's segments is the continuous securing of new strategic partnerships and client wins. These collaborations are crucial for expanding its market footprint and customer base. Examples include the aforementioned mobile carrier and Best Buy partnerships, as well as broader B2B2C deals that generate recurring fee income.
* Innovation and Product Differentiation: Assurant is committed to an intense focus on innovation and product differentiation, supported by ongoing investments in technology, including artificial intelligence (AI) and automation. This focus on innovation is expected to lead to the launch of new products and services and enhance the competitiveness and attractiveness of its offerings, contributing to organic growth.
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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.
