About the company
Assurant (AIZ) is a New York–based company that was incorporated in 2003. The company was formerly known as Fortis and was spun off from the Belgian and Dutch financial services company Fortis Insurance in 2004. Assurant’s $1.76 billion IPO (initial public offering) on February 5, 2004 was the fourth largest during the year. Since the IPO, the company’s shares have rallied 237%.
Assurant is a Fortune 500 company with a ranking of 285. Its closest competitors are First American Financial Corporation (FAF) and Cigna (CI). These are ranked 499 and 97, respectively, on the Fortune 500 list of companies.
Assurant is primarily engaged in the business of providing specialized insurance products and related services in North America, Latin America, Europe, and internationally. The company operates through its Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits segments. Recently, the company sold its Employee Benefits segment to Canadian-based financial services company Sun Life Financial.
Today, the company operates in the United States as well as in worldwide markets such as Brazil, Argentina, Canada, Chile, China, France, Germany, Italy, Mexico, Puerto Rico, Spain, and the United Kingdom.
Investors looking for diversification in the insurance sector can consider ETFs like the SPDR S&P Insurance ETF (KIE), the iShares U.S. Insurance ETF (IAK), or the Financial Select Sector SPDR ETF (XLF). Assurant forms 2.39% of the XLF ETF.
In further parts of the series, we’ll study the company’s business lines in depth.