Assurant Specialty Property Expands Product Offerings in Dynamic Multifamily Renters Market by Acquiring SureDeposit

Assurant, Inc. AIZ announced today that it has purchased SureDeposit, the leading provider of security deposit alternatives to the multifamily renters industry, in an all-cash transaction from Converge Services Group, LLC. "Assurant targets acquisition opportunities which enhance our existing specialty businesses and provide long-term growth opportunities for our shareholders," said Robert B. Pollock, president and CEO of Assurant, Inc. "SureDeposit is an excellent strategic fit with our Specialty Property business and the purchase will be modestly accretive to earnings from the start. With a purchase price of less than $50 million, this acquisition reinforces our commitment to disciplined deployment of capital as we add complementary specialty products to our business portfolio in balance with share repurchases."