Global solutions provider Assurant has acquired US-based EPG Insurance for $43m in cash.
Founded in 1987, EPG offers service contracts for the heavy equipment and trucking industries through its global network of OEMs and OEM-branded dealer partners.
It also provides physical damage insurance for commercial auto and commercial equipment, service contracts for commercial equipment, as well as loss damage waivers for commercial equipment.
Since 2018, Assurant has been underwriting EPG’s protection offerings for customers renting, leasing and purchasing equipment in the construction, agriculture, forestry and trucking sectors.
Assurant Global Automotive president John Laudenslager said: “This acquisition provides us with a unique opportunity to expand our service contract offerings and continue to strengthen and grow our market-leading presence in the automotive service contract space, globally.”
Commenting on the deal, Assurant Global Specialty president Kathy McDonald said: “The acquisition of EPG also allows us to further expand our distribution from equipment finance companies to dealers nationwide. This, along with our plans to grow and enhance our capabilities in the commercial equipment segment, will enable us to add scale and develop innovative new product offerings.”
Following the transaction, the EPG team of around 60 employees, along with the company’s CEO Dale Hendrix and President Gregg Morgan, will join Assurant.
Headquartered in Memphis, Tennessee, the business will continue to operate as a separate heavy equipment channel within Assurant.
Hendrix said: “Joining Assurant provides EPG the compelling opportunity to elevate business growth to the next level. Our two companies share a commitment to servicing clients and consumers, and we are excited to join the Assurant team.”
In May this year, Assurant acquired American Financial & Automotive Services (AFAS).