Assurant Solutions, a division of
), announced the extension of its service agreement with
Service Corporation International
). Based in Houston, Service Corporation operates more than 1,800
funeral homes and cemeteries in the U.S. and Canada, providing
deathcare services to the
Assurant Solutions will continue to provide its members with
preneed life insurance, which allows them to prepay for a funeral
in a single payment or in multiple payments over a fixed number of
years. The insurance policy proceeds are used to address funeral
costs at death. These products are only sold in the U.S. and Canada
and are generally structured as whole life insurance policies in
the U.S. and annuity products in Canada. These services will be
arranged by Service Corporation for the next 10 years, as per the
Assurant Solutions provides insurance and annuity products
administered by Union Security Insurance Company, IA American Life
Insurance Company and American Memorial Life Insurance Company with
new business underwritten by American Memorial Life Insurance.
Apart from providing preneed insurance, the company's Solutions
unit provides domestic and international extended service contracts
and warranties, including mobile device protection and
international credit insurance.
In the last reported quarter, the unit's results came in better
than anticipated, driven by strong results in mobile and expense
savings from prior restructuring actions. The company is focusing
on growth areas like mobile and vehicle service contracts.
In Jul 2013, Assurant expanded the scope of its contract with
T-Mobile from administering its Monthly4G handset warranty plan to
include the company's JUMP! upgrade program. In Oct 2013 the unit
acquired Lifestyle Services Group, a mobile phone insurance
provider. Moreover, the addition of original equipment
manufacturer, Whirlpool will also generate domestic sales. All
these efforts clearly point to revenue growth at the unit going
Investors interested in multiline insuarnce industry can take a
Old Republic International Corporatio
AmTrust Financial Services, Inc.
). Both these stocks hold a Zacks Rank #1 (Strong Buy).
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ASSURANT INC (AIZ): Free Stock Analysis Report
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OLD REP INTL (ORI): Free Stock Analysis Report
SERVICE CORP IN (SCI): Free Stock Analysis
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