US specialty insurance group Assurant has announced that Keith W. Demmings will succeed Alan B. Colberg as President and Chief Executive Officer (CEO) of the company.
He will take up the President role with immediate effective, taking on additionally roles as CEO and Director once Colberg has retired in January 2022.
Demmings currently leads Assurant’s largest business segment, Global Lifestyle, which includes the company’s global operations.
As President, Demmings will have oversight for all of Assurant’s Housing and Lifestyle businesses, which will report directly to him.
“Keith is a natural choice to lead Assurant forward,” said Colberg. “He personifies the values and integrity that are emblematic of Assurant’s culture, while also demonstrating dedication to our employees, customers and communities that will ensure we continue to build on our success in 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.”
Demmings joined Assurant in Toronto in 1997 and has assumed increasing levels of responsibility over his 24 years with the company.
Previous positions include President of 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.
“I am excited to work even more closely with Keith over the coming months during this transition,” Colberg added. “Throughout the years, he has demonstrated an unyielding focus on our clients and our people, and in doing so has succeeded in significantly expanding our business globally, developing innovative offerings that have created new opportunities for Assurant and our employees.”
Demmings also commented: “I am honored and excited to take on this role. The commitment and deep talent of our employees is central to our success and I look forward to leading our global employees as we continue to evolve our products, services and capabilities to serve our clients and customers.”
“On behalf of the Board of Directors, the management team, and Assurant’s 14,000 employees, I want to thank Alan for his exemplary and steadfast leadership, and all he has done to build a stronger Assurant for the future,” added Elaine Rosen, Chair of the Board of Assurant.
“Reflecting on his tenure, Alan 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.”