Assurant buys EPG Insurance for $43m in cash

US-based insurer Assurant has agreed to acquire heavy equipment insurance and service contracts specialist EPG Insurance for $43 million in cash.

The acquisition provides Assurant with additional scale and an opportunity to expand its product offerings.

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.

Under the agreement, the EPG team along with CEO Dale Hendrix and president Gregg Morgan will join Assurant, and the business will continue to operate as a separate heavy equipment channel within Assurant.

John Laudenslager, president of Assurant Global Automotive, said: “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.”

Kathy McDonald, president of Assurant Global Specialty, added: “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.”

Hendrix commented: “Joining Assurant provides EPG the compelling opportunity to elevate business growth to the next level. Our two companies share a commitment to servicing clients and consumers, and we are excited to join the Assurant team.”