Assurant acquires EPG Insurance for $43 million
New York-based global provider of risk management solutions Assurant announced the acquisition of EPG Insurance for $43 million in cash. EPG is a provider of service contracts and insurance sold through heavy equipment dealers and manufacturers.
EPG provides and administers service contract programs for products and services sold through its global network of OEMs and OEM-branded dealer partners. Since 2018, Assurant has been the primary underwriter of EPG’s protection products for customers renting, leasing and purchasing equipment in the construction, agriculture, forestry and trucking industries. EPG’s product offerings include extended service contracts, physical damage insurance, guaranteed asset protection, rental tracking, and loss damage waivers, and EPG has seen a 40 percent growth in policies since 2018 as the result of enhanced and refocused sales efforts.
“This acquisition provides us with a unique opportunity to expand our service contract offerings and continue to strengthen and grow our market leading presence in the automotive service contract space, globally. We are excited to gain the valuable experience and expertise of the EPG management team and employees.” – John Laudenslager, president of Assurant Global Automotive.
“The acquisition of EPG also allows us to further expand our distribution from equipment finance companies to dealers nationwide. This, along with our plans to grow and enhance our capabilities in the commercial equipment segment, will enable us to add scale and develop innovative new product offerings.” – Kathy McDonald, president of Assurant Global Specialty.
Along with CEO Dale Hendrix and President Gregg Morgan, the EPG team of approximately 60 employees headquartered in Memphis, TN will join Assurant, and the business will continue to operate as a separate heavy equipment channel within Assurant.“Joining Assurant provides EPG the compelling opportunity to elevate business growth to the next level,” said Hendrix. “Our two companies share a commitment to servicing clients and consumers, and we are excited to join the Assurant team.”
