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Assurant Outsources Portfolio Management to Voya Financial

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Assurant, Inc. AIZ has chosen the asset management business of Voya Financial, Inc. VOYA, Voya Investment Management for managing a $6 billion tranche of its general account.

NY-based Voya Investment Management helps clients to plan, invest and protect their savings. It manages approximately $214 billion in assets across Fixed Income, Senior Loans, Equities, Multi-Asset Strategies & Solutions, Private Equity and Real Assets, which include proprietary insurance general account assets of $61 billion. It invests across a wide range of asset classes and investment managers and uses sophisticated quantitative techniques and disciplined risk management to achieve consistent, risk-adjusted returns over different market environments.

The deal with Voya Investment Management will enable Assurant, a global provider of lifestyle and housing solutions, to meet the requirements and objectives of its long-term investment. Assurant will leverage the competence of Voya Investment Management in asset classes as private placements, senior loans and commercial mortgage loans and its capability of asset- liability management to manage its assets in the near term.

Assurant has outsourced the day-to-day management of its investment portfolio as it continues to focus on driving growth.

Shares of this Zacks Rank #3 (Hold) multi-line insurer have outperformed the industry year to date. The stock has gained 0.4% against the industry’s decline of 20.6%. We expect higher revenues, strategic initiatives and a solid capital position to drive shares higher in the near term.


Stocks to Consider

Some better-ranked stocks from the same space are EverQuote Inc EVER and Kemper Corporation KMPR, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

EverQuote operates an online marketplace for insurance shopping in the United States and caters to consumers shopping for auto, home and renters, life, health, and commercial insurance. It surpassed estimates in each of the last four quarters, with the average positive surprise being 86.67%.

Kemper provides automobile, homeowners, renters, fire, umbrella, general liability, and other types of property and casualty insurance to individuals in the United States. It surpassed estimates in each of the last four quarters, with the average positive surprise being 16.25%.

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Assurant, Inc. (AIZ) : Free Stock Analysis Report
 
Kemper Corporation (KMPR) : Free Stock Analysis Report
 
EverQuote, Inc. (EVER) : Free Stock Analysis Report
 
Voya Financial, Inc. (VOYA) : Free Stock Analysis Report
 
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Zacks Investment Research