Assurant Ventures Surpasses $100 Million Milestone in Venture Capital Investments

Rhea-AI Summary

Assurant (NYSE: AIZ) announced that its corporate venture capital arm, Assurant Ventures, has surpassed $100 million in capital deployment since its inception in 2015. The fund, previously known as Assurant Growth Investing, is focused on supporting disruptive technology startups across various consumer sectors. Assurant Ventures has invested in over 20 startups, including Cazoo, Doma, Vacasa, SmartRent, and PrecisionLender. The initiative aims to foster innovation and provide growth opportunities for emerging companies within Assurant's ecosystem.

Positive

• Surpassed $100 million in capital deployment since 2015.
• Invested in over 20 innovative startups, enhancing market position.
• Focus on technology sectors complementary to Assurant's business.

Negative

• None.

Assurant (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced its corporate venture capital arm, Assurant Ventures, has surpassed $100 million in capital deployment since its founding in 2015. Formerly branded Assurant Growth Investing, Assurant renamed the fund to better reflect its evolution as a trusted investor and partner of early- and growth-stage disruptive technology companies.

“Assurant Ventures is an important pillar of Assurant’s innovation, technology disruption and growth strategy,” said Assurant Chief Strategy and Risk Officer Bob Lonergan. “Our initial premise was to help start-ups achieve their goals by leveraging the unique position Assurant has across the entire value chain of major consumer purchases and decisions, such as buying a home, vehicle, mobile device or appliance, or renting an apartment or participating in the sharing economy. We are excited about the value-added partnerships we’ve created with a best in-class set of portfolio companies to collaborate, share insights, pilot new innovations and provide access to our large customer base across multiple distribution channels. Building on the tremendous successes we’ve achieved since inception, our plan is to grow our role as a catalyst for new solutions that solve emerging consumer needs.”

Assurant Ventures fosters innovation in technology companies that are complementary or disruptive to Assurant’s connected world businesses including Connected Living, Global Automotive and Multifamily Housing. It does this through funding as well as partnerships with Assurant’s market-leading business units, providing portfolio companies with valuable insights and access to help them learn and grow their operations.

To date, Assurant Ventures has invested in more than 20 leading-edge startups who are disrupting their respective markets. Examples include:

• Cazoo - One of world’s fastest growing digital businesses that is pioneering the shift to online car buying in Europe. The company announced in March 2021 that it will go public through a merger with a special purpose acquisition company (SPAC) in a deal valuing the business at $7 billion. Assurant also partners with Cazoo to provide warranty administration services and extended warranty programs to Cazoo's customers.
• Doma – Formerly known as States Title, Doma focuses on digitizing the residential real estate closing process to make it simpler and more efficient. It announced in March 2021 that it plans to go public via a merger with a SPAC in a deal valuing the business at approximately $3 billion.
• Vacasa - North America’s leading vacation rental management platform that features 30,000 exclusive homes across approximately 400 markets and serves millions of guests annually. Vacasa is reimagining the vacation rental experience through its end-to-end technology platform. Assurant’s sharing economy team supports Vacasa’s business and homeowners through its unique, purpose-built insurance protection solution.
• SmartRent – A leading provider of smart home automation for property owners, managers, developers and residents. The company announced in April 2021 that it plans to go public via a merger with a SPAC in a deal valuing the business at approximately $2.2 billion.
• PrecisionLender - A fast-growing SaaS provider of data-driven sales enablement, pricing and portfolio management solutions for financial institutions, which was acquired in November 2019 by Q2 Holdings in a transaction valued at approximately $510 million.

“We’re taking Assurant Ventures to new heights – the fund is looking forward to new opportunities to partner with tomorrow’s innovative disrupters to add significant value to their companies and management teams,” said Lonergan.

Companies interested in partnering with Assurant Ventures can visit www.assurantventures.com for more information.

About Assurant

Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.

Learn more at assurant.com or on Twitter @AssurantNews.

About Assurant Ventures

Assurant Ventures is the corporate venture capital arm of Assurant that invests in early and growth stage technology companies. The fund targets disruptive startups in and around Assurant’s ecosystem capturing the following themes:

• InsurTech – insurance distribution, pricing/underwriting, backend systems, claims/settlement
• Consumer Connectivity – device life cycle management, connected home, shared economy, warranty & support
• Automotive – digital retailing, dealership performance, connected vehicles, aftermarket services
• Housing – multifamily property technology, resident experience, homeowner property technology, home services
• Infrastructure - data management, automation & AI, digitalization
• Broader FinTech – consumer finance, consumer credit score & analytics, core banking solutions

Learn more at www.assurantventures.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210426005039/en/

FAQ

What is the significance of Assurant Ventures surpassing $100 million?

This milestone reflects Assurant's commitment to investing in innovative technologies and startups, enhancing its long-term growth strategy.

How many startups has Assurant Ventures invested in?

Assurant Ventures has invested in over 20 startups since its founding.

What sectors does Assurant Ventures focus on?

Assurant Ventures targets sectors like InsurTech, Consumer Connectivity, Automotive, Housing, Infrastructure, and broader FinTech.

What companies has Assurant Ventures partnered with?

Notable partnerships include Cazoo, Doma, Vacasa, SmartRent, and PrecisionLender.

What was the previous name of Assurant Ventures?

Assurant Ventures was formerly branded as Assurant Growth Investing.