Assurant, a specialty insurance provider, has entered into multifamily renters market by acquiring SureDeposit, an alternative security deposit company, from Converge Services Group, for less than 50m in cash transaction.
Headquartered in Livingston, New Jersey, SureDeposit offers renters a surety bond alternative to the traditional security deposit by allowing residents at participating apartment communities the option of avoiding more security deposits with the payment of a one-time bond premium.
SureDeposit has over 1,500,000 apartment units under agreements in nearly 4,500 communities across the US, with regional offices located in California, Colorado, Georgia, Illinois, Maryland, Nevada, Rhode Island and Texas.
The SureDeposit workforce of 35 employees have been offered employment with Assurant Specialty Property.
Assurant president and CEO Robert Pollock said SureDeposit is an excellent strategic fit with the company’s specialty property business and the purchase will be modestly accretive to earnings from the start.