Assurant Acquires American Financial & Automotive Services, Inc.
Acquisition follows 2018 purchase of The Warranty Group
Assurant, Inc. (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced it has acquired American Financial & Automotive Services, Inc. (AFAS). AFAS is a provider of auto finance and insurance products and services, including vehicle service contracts, guaranteed asset protection insurance, and other ancillary products sold directly through a network of nearly 600 franchised dealership clients across 40 states.
Joining Assurant enables AFAS to benefit from the global expertise, scale and breadth of an industry leader.
Assurant has been the primary provider of vehicle service contracts and related auto products and services sold by AFAS for over 20 years. AFAS CEO and founder, Arden Hetland, along with the AFAS management team, will join Assurant upon the closing of the transaction.
“Following our acquisition of The Warranty Group, our agreement to acquire AFAS further underscores our confidence in the long-term growth potential of the global automotive market,” said John Laudenslager, president of Assurant Global Automotive. “Having Arden and his team join Assurant gives us the benefit of their years of experience and expertise, which we will count on as we continue to grow the business together.”
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