Assurant, Inc., a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, announced the acquisition of EPG Insurance, Inc. for $43 million in cash. EPG is a leading provider of service contracts and insurance sold through heavy equipment dealers and manufacturers.
EPG provides and administers service contract programs for products and services sold through its global network of OEMs and OEM-branded dealer partners. 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. EPG’s product offerings include extended service contracts, physical damage insurance, guaranteed asset protection, rental tracking and loss damage waivers, and EPG has seen a 40 percent growth in policies since 2018 as the result of enhanced and refocused sales efforts.
“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,” said John Laudenslager, president of Assurant Global Automotive. “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.”
Along with CEO Dale Hendrix and President Gregg Morgan, the EPG team of approximately 60 employees headquartered in Memphis, TN, will join Assurant, and the business will continue to operate as a separate heavy equipment channel within Assurant. “Joining Assurant provides EPG the compelling opportunity to elevate business growth to the next level,” said Hendrix. “Our two companies share a commitment to servicing clients and consumers, and we are excited to join the Assurant team.”
EPG Insurance is a provider of insurance products and service contracts for the heavy equipment and trucking industries, with representatives across the United States. The company was formed in 1987 to meet the insurance needs of heavy equipment dealers beginning in the Southeast and now specializes in physical damage insurance for commercial auto and commercial equipment, service contracts for commercial equipment, and loss damage waivers for commercial equipment.
Equipment Finance Advisor reported in July 2018 that EPG Insurance and Assurant, Inc., were partnering to provide insurance and equipment protection.