Content area
Full Text
More clients, more autonomy, and room for expansion. With a new headquarters split between Miami and Atlanta, Assurant Solutions is breathing a little easier
On Feb. 5, parent company Assurant Inc. (NYSE: AIZ), which is based in New York, went public through a $2 billion initial public offering. The sale was part of the divestiture plans for Assurant by Bendux-based Fortis, which had previously owned 100 percent of Assurant. Following the IPO, Fortis owns about 35 percent of Assurant.
Jim Sykes, director of corporate communications for Assurant, said the IPO marked a new beginning for the company.
Already a hub for Assurant's administration, information technology and international clients, the Miami office, called Assurant Solutions, will now push consumer protection services and extended warranty products in Latin America, which the company has targeted as a growth region, Sykes said.
"The IPO gives us the ability to expand into a business," Sykes said. "With Fortis, we had to get in line for money if we made an acquisition."
Fortis U.S. had to compete with Fortis Europe for resources, too, he said.
"The IPO gives us more direct access to the capital markets, and we can access our own funds more directly and easily."
Assurant, which has four key business units - employee benefits, health, preneed and solutions - priced its initial public offering at $22...