Assurant CEO Alan Colberg plans to retire at the end of 2021, and the company has designed Keith Demmings to replace him.
Demmings, currently the leader of Assurant’s Global Lifestyle segment, has been named President as part of the succession process. He’ll take on the CEO slot and become a director in January 2022.
In his new role, Demmings will oversee all of Assurant’s Housing and Lifestyle businesses. Assurant is a specialty insurer focused on niche areas, including mobile phones, extended service contracts and vehicle protection services; renters insurance; lender-placed insurance products; and other specialty products.
Colberg had been president and CEO of Assurant for the last seven years. Elen Rosen, Assurant’s board chair, said that he has built the company into something stronger and more resilient for the years ahead.
Colberg “successfully repositioned Assurant from a specialty insurance holding company to a leading global provider of connected lifestyle offerings, and in doing so, delivered multiple years of strong profitable growth and significant shareholder value since his appointment,” Rosen said in prepared remarks.
She added that Colberg also displayed an “unwavering commitment to developing a diverse and deep bench of global talent and creating a more unified company, aligned around a common purpose, shared values and devoted to social responsibility long term.”
Under Colberg’s tenure, the company launched a multi-year transformation plan, doubling down on its housing and lifestyle businesses while divesting of its health, employee benefits and pre-funded funeral business. There were also a number of strategic acquisitions, including The Warranty Group and most recently, HYLA Mobile, as well as investments in existing operations, the company noted.
Colberg said in prepared remarks that Demmings will be a good leader, helping to carry on Assurant’s culture and also build for the future.
“His deep knowledge of our company has been instrumental in guiding Assurant’s growth agenda across the enterprise, and as president he will support and drive innovation through our connected world businesses,” Colberg said.
A native of Vancouver Island, Canada, Demmings joined Assurant in Toronto in 1997. Over his 24 years with the company, Demmings has assumed increasing levels of responsibility across Assurant’s global enterprise, including president, Assurant Canada, leadership of the company’s international business and overseeing Global Lifestyle, which under his leadership has grown significantly to become Assurant’s largest business segment, through a focus on supporting the ever-evolving connected lifestyle.