- Concluding a strategic review, Assurant (NYSE:AIZ) will immediately begin to wind down its major medical operations and has reached an agreement in principal to sell certain business lines and assets to National General Holdings (NGHC). The company expects to be totally out of health insurance by the end of next year.
- The move, says Assurant, will enable it to focus exclusively on the housing and lifestyle markets where its sees the best opportunity for profitable growth.
- Total costs expected with the health exit should be $175M-$250M, with cash expenditures likely to be $95M-$110M.
- Alongside, Assurant continues to pursue a sale of its employee benefits segment.
- Source: Press Release