Assurant partners with Plug to expand certified pre-owned device market

ATLANTA - Assurant, Inc. (NYSE:AIZ), a $9.7 billion market cap company with strong financial health according to InvestingPro analysis, announced Tuesday a strategic partnership with St. Louis-based Plug, a direct-to-consumer platform for certified pre-owned electronic devices.

The partnership aims to expand access to affordable pre-owned smartphones, tablets, computers, and accessories by connecting Plug to Assurant’s global network of refurbished device inventory and testing infrastructure. The company, which generated over $12 billion in revenue over the last twelve months, has demonstrated consistent growth with a 6.2% year-over-year revenue increase.

"Plug’s bold brand, strong D2C presence, and innovative approach to social commerce make them an ideal partner in helping more consumers access reliable, certified pre-owned devices," said Jeremy Purvis, Senior Vice President of CPO Solutions at Assurant.

Founded in 2020, Plug currently sources devices through suppliers, carriers, and enterprise clients, conducting inspections covering over 90 criteria. The company offers products with a 12-month limited warranty and 30-day satisfaction guarantee.

Alex Alyatim, CEO of Plug, stated, "This partnership strengthens our ability to scale without compromising what matters most: delivering value, quality and exceptional experiences to our customers."

According to the press release, the partnership is expected to provide customers with expanded inventory at more competitive prices while enhancing quality assurance through Assurant’s global refurbishment standards.

Assurant, a Fortune 500 company operating in 21 countries, provides protection services for connected devices, homes, and automobiles in partnership with global brands. The company has maintained dividend payments for 22 consecutive years and recently increased its dividend by 11%, demonstrating strong financial stability. According to InvestingPro’s Fair Value analysis, the stock currently appears undervalued, with analysts setting price targets above current trading levels. For deeper insights into Assurant’s valuation and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.

In other recent news, Assurant Inc. reported a significant earnings beat for the first quarter of 2025, with earnings per share (EPS) reaching $5.79, far exceeding the projected $2.84. However, the company’s revenue slightly missed expectations, coming in at $3.07 billion compared to the forecasted $3.08 billion. Piper Sandler has maintained an Overweight rating on Assurant, highlighting potential guidance increases and noting positive developments in the company’s Global Auto and Global Housing segments. Meanwhile, Keefe, Bruyette & Woods raised their price target for Assurant to $225, maintaining an Outperform rating, reflecting confidence in the company’s future performance.

Assurant also announced a new partnership with Ciocca Automotive, aiming to offer vehicle protection products across Ciocca’s dealerships, which is expected to enhance the customer experience. The partnership includes in-dealership training and compliance support, indicating a strategic move to strengthen Assurant’s position in the automotive sector. Additionally, Assurant’s collaboration with Verizon for a new mobile device protection plan, Total Wireless Protect, is anticipated to bolster growth in the Connected Living segment. These recent developments underscore Assurant’s strategic initiatives and partnerships, which are poised to drive future growth and stability.

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