Insurance giant Assurant is exploring the sale of its employee benefits and health insurance business.
The company is looking to sell its health insurance division to narrow its focus and generate higher returns. Assurant plans to leave the health insurance market in 2016, even if the company fails to sell its health insurance division.
"The health and employee benefits business segments possess differentiated capabilities in their respective markets, but we do not believe they can meet our return targets at the pace we require," said Alan B. Colberg, CEO of Assurant. "We believe they would be strong assets for new owners that are focused exclusively on healthcare and employee benefits."
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