Assurant 2014 Annual Report Download - page 17

ASSURANT, INC. – 2014 Form 10-K 3
PART I
ITEM 1 Business
PART I
Unless the context otherwise requires, references to the terms “Assurant,” the “Company,” “we,” “us” and “our” refer to
our consolidated operations.
ITEM 1 Business
Assurant, Inc. is a Delaware corporation formed in connection
with the initial public offering (“IPO”) of its common stock, which
began trading on the New York Stock Exchange on February 5,
2004. Prior to the IPO, Fortis, Inc., a Nevada corporation, formed
Assurant and merged into it on February 4, 2004.
Assurant safeguards clients and consumers when the unexpected
occurs. A provider of specialized insurance products and related
services, Assurant operates in North America, Latin America,
Europe and other select worldwide markets through four
operating segments. Assurant Solutions, Assurant Specialty
Property, Assurant Health and Assurant Employee Benefi ts
partner with clients who are leaders in their industries to
provide consumers peace of mind and fi nancial security. Our
diverse range of products and services include mobile device
protection; debt protection administration; credit-related
insurance; warranties and service contracts; pre-funded funeral
insurance; lender-placed homeowners insurance; property
appraisal, preservation and valuation services; renters insurance
and related products; manufactured housing homeowners
insurance; individual health and small employer group health
insurance; group dental insurance; group disability insurance;
and group life insurance.
Assurant’s mission is to be the premier provider of specialized
insurance products and related services in North America,
Latin America, Europe and other select worldwide markets.
To achieve this mission, we focus on the following areas:
Building and managing a portfolio of specialty
insurance businesses
Our four operating segments are focused on serving specifi c
sectors of the insurance market. We continue to develop
and add specialty market capabilities where we can meet
unserved consumers’ needs, achieve superior returns, and
leverage enterprise resources. We believe that the diversity
of our businesses helps us to maintain fi nancial stability
because our businesses will generally not be affected in
the same way by the same economic and operating trends.
Leveraging a set of core capabilities for
competitive advantage
We pursue a strategy of building leading positions in specialized
market segments for insurance products and related services by
applying our core capabilities to create competitive advantages—
managing risk; managing relationships with large distribution
partners; and integrating complex administrative systems.
These core capabilities represent areas of expertise that
are advantages within each of our businesses. We seek to
generate attractive returns by building on specialized market
knowledge, well-established distribution relationships and, in
some businesses, economies of scale.
Identifying and adapting to evolving market
needs
Assurant’s businesses strive to adapt to changing market
conditions by tailoring product and service offerings to specifi c
client and customer needs. By understanding consumer
dynamics in our core markets, we seek to design innovative
products and services that will enable us to sustain long-term
profi table growth and market leading positions.
Strategic capital deployment
We deploy capital through a combination of investments in our
businesses, share repurchases and dividends. Our approach
to mergers, acquisitions and other growth opportunities
refl ects our prudent and disciplined approach to managing our
capital. Our mergers, acquisitions and business development
process targets new business that complements or supports
our existing business model.