Global insurer seals Protecta deal
New York-based company Assurant has increased its footprint in the global automotive market after completing its takeover of Protecta Insurance.
The acquisition of Protecta, which has 35 years of experience in New Zealand as an underwriting agency, marketing consumer insurance products through motor traders, finance companies and direct to customers, was announced on December 1.
Assurant, through wholly owned subsidiary Virginia Surety Company (VSC), has been working with Protecta since 2018 as the underwriter for its policies.
Protecta will be led by Hemaka Perera, Assurant’s president, Australia, New Zealand and Singapore.
He will work with the Protecta management team of Bart Taylor, general manager direct business and chief commercial officer, Kevin McKay, chief financial officer, and Shannon Beech, general manager intermediated and agent business.
Martin Jenns, pictured, president of global automotive at Assurant, says the acquisition of Protecta supports the company’s overall growth strategy.
“This transaction enables us to provide a broader range of new and innovative products and services and deliver a best-in-class customer experience that gives our clients and partners a strategic advantage in the New Zealand market,” he notes.
Beech says Protecta is excited about the changes. “Assurant’s global capabilities and technology, combined with Protecta’s local talent and expertise, position us for even greater success,” she explains.
In 2021, Assurant and Protecta launched Assurant EV One an extended warranty product for electric and hybrid vehicles.
Jenns says Assurant will continue to invest in automotive technology, products and services that support consumers’ connected lifestyles.
“As vehicles continue to evolve, and we see the rise of new energy vehicles, there is an even greater need for market-leading products and services that help our customers to thrive in the connected world,” he adds.
