The acquisition builds on the existing relationship since 2018, where Assurant has been the primary underwriter for EPG’s products
Assurant, a US-based risk management products and services provider, has acquired EPG Insurance (EPG) for a consideration of $43m in cash.
Memphis, Tennessee-based EPG is engaged in providing extended service contracts and insurance sold through heavy equipment dealers and manufacturers, along with physical damage insurance, guaranteed asset protection, rental tracking, and loss damage waivers.
The company also offers and administers service contract programmes for products and services sold by its global network of OEMs and OEM-branded dealer partners.
EPG CEO Dale Hendrix said: “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.”
Assurant Global Automotive president John Laudenslager 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.”
Assurant has been serving as the primary underwriter of EPG’s protection products for customers renting, leasing and purchasing equipment in the construction, agriculture, forestry and trucking industries, since 2018.
As part of the transaction, the EPG team of around 60 employees, led by CEO Dale Hendrix and President Gregg Morgan, will be transitioned to Assurant, and the firm will continue its operations as an independent heavy equipment business within Assurant.
Assurant is engaged in providing lifestyle and housing solutions that support, protect and connect major consumer purchases.
Also, the firm partners with the top global brands to develop advanced products and services and deliver enhanced customer experience.
Assurant Global Specialty president Kathy McDonald said: “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.”