Assurant Life Insurance Company
Assurant is a fairly new publicly traded company, created in 2004 after the Fortis Financial Group evolved into this multi-faceted financial and insurance benefits company. It has its roots in a 1977 acquisition of Time Insurance Company by N. V. AMEV of the Netherlands. As the company grew, it acquired companies specializing in group health insurance, group life and accidental death insurance, pre-need insurance, and risk management insurance. Its term life insurance program is handled by Assurant Employee Benefits through individual employers across the country. It prides itself in its company’s community involvement, including hurricane relief, tsunami relief, and childhood hunger.
Assurant Life Insurance Products
Assurant is primarily an Employee Benefits insurance company that has a group term life offering and a group accidental death and dismemberment offering. The term life insurance is available for groups of as few as three employees.
Three Styles of Coverage
- On a multiple of earnings
- Flat amounts
- A combination of both types
Additional Features
- Ability to convert to whole life
- Dependant life coverage
- Accelerated benefits
For groups of ten or more, Assurant offers different levels of insurance which determine the face amount of the insurance that can be written without a medical exam. Additional Contributory Life Insurance is also available.
In 2004, this company had $253.4 million in force life insurance. Its net income jumped 59% in 2005, to $137 million, with total assets of $25.4 billion. Assurant has offices in New York, Missouri, Florida, Wisconsin, South Dakota, and Georgia.
Assurant Ratings
A.M. Best: A or A-
Standard and Poor’s: A or A-
Moody’s: A2 or A3
The financial strength of a company and potential for prolonged survival are represented by the above ratings.
This company’s long term debt is rated by the following companies:
A.M. Best - bbb and stable (adequate ability to pay debt)
Standard and Poor’s - BBB and stable (adequate capacity to meet financial obligations)
Moody’s – Baa2 (subject to moderate credit risk)
Assurant Company Information
One Chase Manhattan Plaza
41st Floor
New York, New York 10005
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