Assurant 2008 Annual Report Download - page 18

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16
assurant solutions
acquires more power, breadth in service contracts
Against a backdrop of challenging
economic conditions and a marked
slowdown in consumer spending,
Assurant Solutions was able to expand
its business and strengthen its position
in important growth markets in 2008
through opportunistic acquisitions,
continued development of international
operations and measurable gains made
in targeted growth areas. Diversified
strategy, prudent risk management
and conservative fiscal management
again played prominent roles in
Solutions’ success.
Two notable acquisitions in extended
service contracts further increased the
depth and breadth of the Assurant
Solutions offering. The purchase of GE
Consumer and Industrial’s Warranty
Management Group included a new
10-year contract that allows Assurant
Solutions to market extended
warranties and service contracts
on GE-branded appliances in the
United States. Similarly, the addition
of Signal Holdings LLC’s wireless
handset protection programs and repair
services, including a state-of-the-art
facility in York, Pa., positions Assurant
Solutions to offer leading wireless
providers a total solution to their
service contract needs, from risk
management to complete logistics.
Continued pursuit of a disciplined
international strategy means being
selective. It means fostering growth
while mitigating risk. Despite some
challenges in a few markets, key
milestones were achieved on several
continents. In Asia, Assurant opened an
office in China, establishing a foothold
in the world’s largest emerging market.
In North America, Assurant Solutions
closed a large piece of business with
the Royal Bank of Canada, becoming
creditor insurance provider for
Canada’s largest bank. In Europe,
Assurant continued to make progress
in Germany, Italy and Spain, despite a
challenging environment in the United
Kingdom, while continuing to solidify its
presence in other international markets
such as Mexico, Argentina and Brazil.
Preneed experienced solid sales growth
and profitability during 2008. Working
closely with Service Corporation
International, North America’s
largest provider of funeral, cremation
and cemetery services, Assurant
Solutions was able to enhance retail
distribution and modify the mix of
business to tailor better solutions for
the customer.