Move part of strategy to develop network-based offering
Assurant Solutions, a specialist in creating, underwriting and administering niche insurance protection products, has acquired Centrepoint Insurance, a leading distributor of buildings and contents and mortgage payment protection insurance to financial intermediaries.
The acquisition of Centrepoint follows that of Swansure Group in July.
J. Kerry Clayton, Assurant’s interim president and chief executive said: “Our acquisitions this year illustrate the number one priority of Assurant’s disciplined approach to capital management: investing in our businesses for long-term profitable growth,” said. “So far this year, we have invested over $US100 million in acquisitions for our businesses worldwide.”
Assurant is financing the acquisition of privately held Centrepoint through existing cash resources. Terms were not disclosed. Centrepoint currently generates approximately $US10 million in annual commission and fee income through its 4,200 mortgage-broker network.
Ian Moffatt, managing director, Assurant Solutions UK and Ireland: “Through this acquisition we are now a leading mortgage intermediary, which will help accelerate our growth in the UK. The capabilities of Centrepoint complement the products and business approach of Swansure Group, which owns D&D Homecare Limited and Adminicle Limited. Centrepoint has traditionally marketed its products through networks, whilst Swansure has built strong relationships with independent intermediaries."
"The business has a stronger foundation in buildings and contents insurance, which complements Swansure’s strength in mortgage protection insurance. Equally important, this acquisition gives us a balanced geographical spread throughout the UK."
He added: “Leveraging the strengths and expertise of both companies and bringing them together under one brand will provide a compelling proposition for mortgage and insurance brokers and networks, giving them access to quality products backed by quality service."
Centrepoint’s senior management team of Maxine Harrison and Jeremy Blount will remain in their current positions and the business will continue to operate out of its offices in Lichfield, Staffordshire.
In the UK, Assurant Solutions specialises in creating insurance products including payment protection insurance, warranty and service contracts, and credit card price and purchase protection. The business works with financial institutions, intermediaries, brokers and retailers to design, develop, underwrite, administer and market these niche insurance lines.
Assurant Solutions is part of Assurant, a premier provider of specialty insurance products and related services in North America and selected international markets.
