ASSURANT, INC. (AIZ)

Assurant, Inc., incorporated in Delaware in 2004, is a global protection company that partners with leading brands to safeguard and service connected devices, homes and automobiles, leveraging data-driven technology to deliver customer-focused solutions across North America, Latin America, Europe and Asia Pacific. The company operates through two segments: Global Lifestyle, which includes Connected Living (mobile device solutions, extended service contracts for consumer electronics and appliances, and financial services/insurance products) and Global Automotive (vehicle service contracts, commercial equipment protection, and related services); and Global Housing, which includes Homeowners (lender-placed and voluntary homeowners, manufactured housing and flood insurance) and Renters and Other (renters insurance and National Flood Insurance Program administration). For fiscal year 2025, Global Lifestyle generated $9.58 billion in net earned premiums, fees and other income with Segment Adjusted EBITDA of $801.3 million, while Global Housing generated $2.77 billion with Segment Adjusted EBITDA of $858.7 million; total company assets reached $36.29 billion with a debt-to-total-capital ratio of 27.3%.

Assurant's business model relies on business-to-business-to-consumer (B2B2C) distribution through exclusive, multi-year partnerships (typically three to five years) with mobile carriers, OEMs, retailers, financial institutions, auto dealers, mortgage lenders/servicers and property managers, with meaningful client concentration risk in both segments. The company differentiates itself through end-to-end value chain integration, including a global network of approximately 1,150 repair and partner locations, AI-driven dynamic fulfillment platforms, and device lifecycle management capabilities spanning repair, refurbishment, resale and disposal. Growth strategies center on expanding market-leading businesses, deepening client partnerships, entering adjacent markets like home warranty, integrating technology (including AI and robotics) for superior customer experience, and disciplined capital deployment through acquisitions, dividends and share repurchases; in 2025 the company returned $468.3 million to shareholders and issued $300 million in senior notes due 2036 to redeem existing debt.

Key market dynamics include growth in mobile protection and used/refurbished device markets, a stabilizing but still tight used vehicle market, expanding smart home connectivity opportunities, and a hardened voluntary homeowners insurance market that has driven increased lender-placed insurance placement rates, particularly in states like California and Texas. The Global Housing segment maintains reinsurance protection against catastrophe risk, with a 2025 program providing $1.76 billion of coverage in excess of a $160 million retention, protecting against gross Florida losses of up to approximately $1.98 billion. Competition spans insurance companies, warranty providers, financial services firms, mobile repair/logistics companies, technology firms and InsurTech disruptors, with success driven by product breadth, technology, pricing, distribution, brand and customer service quality.

As of December 31, 2025, Assurant employed approximately 14,800 people across 21 markets and more than 80 nationalities, with 72% based in North America; the company reported an 11% overall employee turnover rate and continues to invest in talent development, Global Capability Centers, and employee engagement initiatives, alongside sustainability priorities focused on inclusive culture, circular economy practices (notably in mobile device recycling), and climate action integrated into long-term strategy and operations.