ATLANTA - Assurant , Inc. (NYSE: NYSE:AIZ), a global provider of risk management services, has announced the upcoming retirement of Martin Jenns, Executive Vice President and President of Assurant Global Automotive, at the end of this year. Following a 15-year tenure with the company, Jenns will be succeeded by Jeff Strickland, currently Senior Vice President of Assurant Dealer Services & Strategic Accounts.
During his leadership, Jenns has been credited with driving significant transformation within the company's automotive business, including organic growth and strategic acquisitions. These efforts have expanded Assurant's client base globally among auto dealers, manufacturers, and other partners.
Notable achievements under Jenns' guidance include the successful integration of American Financial & Automotive Services and EPG Insurance, as well as leading the acquisition of Protecta in New Zealand, which bolstered the company's global automotive presence. Jenns has also played a key role in developing innovative auto protection solutions like Assurant Vehicle Care.
Strickland, set to take the helm at the start of 2025, brings over two decades of experience in the automotive industry. He has a track record of leadership in sales, marketing, and digital initiatives. Strickland's prior roles include various positions at FCA (FIAT Chrysler Automobiles) and leading the assimilation of field service teams from three acquisitions at Assurant, fostering a unified culture within the Global Automotive division.
Keith Demmings, President and CEO of Assurant, praised Strickland as an exceptional leader whose strategic skills and relationship-building expertise make him well-suited to drive the next phase of growth for the company's automotive business.
Assurant is a Fortune 500 company with operations in 21 countries, offering a range of business services that include mobile device solutions, extended service contracts, vehicle protection services, and various insurance products. The leadership transition is part of Assurant's ongoing strategy to maintain its market-leading position and deliver enhanced customer experiences.
The information for this article is based on a press release statement from Assurant, Inc.
In other recent news, Assurant has seen significant developments in its financial performance. The insurance company reported a 31% year-over-year increase in adjusted EBITDA to $384 million and a 42% year-over-year growth in adjusted EPS in the first quarter. This growth was primarily driven by Assurant's Global Housing and Global Lifestyle segments, despite challenges in the Global Automotive sector due to inflation.
Piper Sandler maintained an Overweight rating on Assurant shares, citing the company's favorable positioning and potential for expense leverage. The firm also highlighted Assurant's limited exposure to the Midwest region and the expansion of its Connected Living services.
Meanwhile, Keefe, Bruyette & Woods raised their price target for Assurant shares from $182 to $186, maintaining a Market Perform rating. The firm acknowledged the strong performance of Assurant's Housing sector and anticipates a 16% year-over-year increase in Housing growth, excluding catastrophic events.
These are among the recent developments for Assurant, providing investors with insights into the company's performance and potential.
InvestingPro Insights
As Assurant, Inc. (NYSE: AIZ) prepares for a strategic leadership transition within its Global Automotive division, the company's financial health and market performance remain key points of interest for investors. With a robust track record of dividend reliability, Assurant has raised its dividend for 20 consecutive years, signaling a strong commitment to shareholder returns.
This consistency is underscored by the company's ability to maintain dividend payments for over two decades, which is a testament to its financial resilience and operational stability.
InvestingPro Data shows that Assurant's market capitalization stands at $8.39 billion, with a P/E ratio of 11.26, reflecting investor confidence in its earnings capacity. The company's revenue growth over the last twelve months as of Q1 2024 is an impressive 9.81%, demonstrating its ability to expand effectively in a competitive market. Moreover, the dividend yield as of mid-2021 is a respectable 1.78%, further highlighting Assurant's appeal to income-focused investors.
While Assurant's strengths are evident, it's also important to consider areas of caution. InvestingPro Tips reveal that the company suffers from weak gross profit margins, with the last twelve months as of Q1 2024 showing a margin of 11.53%. Moreover, the company's short-term obligations exceed its liquid assets, which could pose challenges in maintaining its financial agility. However, analysts are optimistic about Assurant's prospects, predicting profitability for the company this year.
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