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ATLANTA - Assurant, Inc. (NYSE:AIZ), a $10 billion market cap global provider of protection services for connected devices, homes, and automobiles, has announced a partnership with Ciocca Automotive, an automotive group with a presence across New Jersey and Pennsylvania. The collaboration aims to offer Assurant’s vehicle protection products at Ciocca’s 54 dealerships, enhancing the purchasing experience for new and used vehicle customers. According to InvestingPro data, Assurant maintains a "GOOD" financial health score, positioning it well for strategic partnerships and growth.
Assurant’s offerings through this partnership extend beyond its Vehicle Care protection products. Ciocca’s leadership and staff will benefit from Assurant Dealer Services’ in-dealership training, compliance support, and assistance with the development of wealth-building structures within the organization. The company’s solid financial foundation, with revenue growth of 6.18% in the last twelve months and a healthy P/E ratio of 15.76, supports its expansion initiatives.
Joe Amendola, VP of Business Development & Strategy at Assurant Dealer Services, expressed enthusiasm about the partnership, highlighting the company’s commitment to supporting Ciocca’s growth and providing customers with peace of mind through industry-leading vehicle protection products.
Ciocca Automotive’s CEO, Mark Harrold, and President, Christopher Sechrist, acknowledged the immediate positive impact of the partnership, citing improvements in Per Vehicle Retail (PVR) metrics and the value of Assurant’s consultative approach in tailoring services to the dealership’s growth needs.
Assurant Global Automotive, a division within Assurant, Inc., has over six decades of experience in the automotive industry, offering solutions such as vehicle service contracts and ancillary products in 19 countries. The company also leads in the commercial equipment protection market, with over 35 years of expertise.
Ciocca Automotive, with its extensive dealership network across two states, emphasizes its community involvement by supporting various nonprofit organizations.
This partnership is based on a press release statement and reflects the growing trend of automotive groups seeking to enhance their offerings with comprehensive protection products and services. InvestingPro analysis reveals that Assurant has maintained dividend payments for 21 consecutive years, demonstrating long-term financial stability. The company appears undervalued according to InvestingPro’s Fair Value model, suggesting potential upside for investors. For detailed financial analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro, covering this and 1,400+ other top US stocks.
In other recent news, Assurant reported a strong start to 2025 with its first-quarter earnings per share (EPS) reaching $5.79, significantly surpassing the forecasted $2.84. The company’s revenue was slightly below expectations at $3.07 billion compared to the forecast of $3.08 billion. Despite this minor revenue miss, Assurant experienced a 14% growth in adjusted EBITDA, driven by strategic initiatives and new product launches. Catastrophe losses amounted to $157 million, impacting the Global Housing segment, primarily due to California wildfires.
In another development, analyst Tommy McJoynt from Keefe, Bruyette & Woods raised the price target for Assurant shares to $225 from $224, maintaining an Outperform rating. This decision was influenced by Assurant’s first-quarter earnings beat and the firm’s confidence in the company’s future performance. McJoynt’s analysis suggests a more optimistic view of Assurant’s earnings potential, particularly in its key business segments.
Assurant also announced plans for share repurchases ranging from $200 million to $300 million in 2025, indicating a focus on returning value to shareholders. The company anticipates continued earnings growth, marking its ninth consecutive year of such progress. Additionally, Assurant expanded its insurance offerings and launched new products, which are expected to contribute to its sustained growth. These developments reflect a positive outlook for Assurant as it navigates the dynamic economic environment.
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