Assurant acquires AFAS to expand auto insurance offering

Assurant, a global provider of specialty protection products and related services, has acquired American Financial & Automotive Services (AFAS) to expand in the automotive insurance market.

Houston, Texas-based AFAS is a provider of auto finance and insurance products and services, including vehicle service contracts, guaranteed asset protection insurance, and other ancillary products.

Assurant has been the primary provider of vehicle service contracts and related auto products and services sold by AFAS for over 20 years. AFAS CEO and founder, Arden Hetland, along with the AFAS management team, will join Assurant upon the closing of the transaction.

“Following our acquisition of The Warranty Group, our agreement to acquire AFAS further underscores our confidence in the long-term growth potential of the global automotive market,” said John Laudenslager, president of Assurant Global Automotive. “Having Arden and his team join Assurant gives us the benefit of their years of experience and expertise, which we will count on as we continue to grow the business together.”

Hetland added: “Joining Assurant enables AFAS to benefit from the global expertise, scale and breadth of an industry leader. Having partnered with us for so many years, they clearly value our team’s depth of experience and high-touch relationship approach, which are key factors in our shared commitment to servicing clients and growing the business.”