Assurant Forges Strategic Alliance with Plug® to Propel Growth in Certified Devices and Expand Secondary Market Capabilities

ATLANTA – July 8, 2025 – Assurant, Inc. (NYSE: AIZ), a premier global protection company renowned for safeguarding and servicing connected devices, homes, and automobiles in partnership with the world's leading brands, today announced a significant strategic partnership with St. Louis-based Plug®, a rapidly expanding direct-to-consumer (D2C) commerce platform. Plug® specializes in delivering certified pre-owned (CPO) smartphones, tablets, computers, and accessories to consumers nationwide. This collaboration marks a pivotal moment for Assurant, a global leader in device circularity and CPO solutions, as it seeks to further solidify its position in the burgeoning secondary device market.

The strategic alliance with Plug® is designed to leverage Assurant's extensive expertise in device lifecycle management, including diagnostics, repair, refurbishment, and logistics, to enhance Plug®'s operational efficiency and expand its market reach. Assurant's robust infrastructure and proven track record in handling millions of devices annually will provide Plug® with unparalleled support in scaling its CPO offerings. This partnership is expected to significantly boost the availability of high-quality, certified pre-owned devices, meeting the increasing consumer demand for sustainable and affordable technology solutions.

Market Context and Implications

The secondary device market, particularly for CPO electronics, has witnessed substantial growth in recent years, driven by factors such as rising new device prices, increased environmental consciousness among consumers, and the desire for more affordable alternatives. According to industry reports, the global refurbished smartphone market alone is projected to reach tens of billions of dollars by the end of the decade. This trend presents a significant opportunity for companies like Assurant and Plug® to capitalize on the circular economy model, extending the life cycle of electronic devices and reducing electronic waste.

For Assurant, this partnership is a strategic move to deepen its involvement in the D2C segment of the CPO market. While Assurant has long been a key player in the business-to-business (B2B) CPO space, working with major carriers and retailers, this collaboration with Plug® provides a direct conduit to end-consumers. This diversification of its CPO channels is crucial for long-term growth and market penetration. It allows Assurant to directly influence the consumer experience for certified pre-owned devices, ensuring quality and reliability, which are paramount in building consumer trust in the secondary market.

Plug®, on the other hand, gains access to Assurant's world-class processing capabilities, advanced diagnostic tools, and a vast network of repair and logistics services. This will enable Plug® to enhance its product quality, reduce processing times, and expand its inventory, ultimately leading to a superior customer experience and accelerated growth. The partnership is a testament to the increasing professionalization and legitimization of the secondary device market, moving away from informal channels towards structured, certified solutions.

Investment Insights for AIZ Shareholders

This strategic partnership with Plug® is a positive development for Assurant (AIZ) investors. It underscores the company's commitment to expanding its high-growth CPO segment and diversifying its revenue streams. Investors should view this as a move that strengthens Assurant's competitive advantage in the device protection and lifecycle management space. The increased volume and efficiency gained from this partnership could translate into higher service revenue and improved profitability for Assurant's Global Lifestyle segment.

Furthermore, the partnership's focus on the D2C market for CPO devices aligns with broader consumer trends towards sustainability and affordability, positioning Assurant to capture a larger share of this expanding market. This could lead to sustained top-line growth and potentially improved margins as the CPO business scales. Investors should monitor the integration of Plug®'s operations with Assurant's services and the subsequent impact on Assurant's CPO volumes and financial performance in upcoming earnings reports. This collaboration reinforces Assurant's role as a critical enabler of the circular economy for connected devices, a market with significant long-term potential.

In summary, the Assurant-Plug® partnership is a strategic alignment that promises mutual benefits, enhancing Assurant's market presence in the D2C CPO space and bolstering Plug®'s operational capabilities. For AIZ shareholders, this move signals continued innovation and expansion within a key growth area for the company.