Assurant Health says it will be bringing back an old name for a key underwriting arm, Fortis Insurance Company.[@@]
Assurant Health, Milwaukee, will rename the unit “Time Insurance Inc.” starting Sept. 6.
The unit’s name is changing as a result of a series of changes in corporate affiliation.
The new Time Insurance Company has its roots in a company that began selling disability insurance in Wisconsin in 1892. The company later shifted into the modern health insurance market, and it continues to be a player in the individual health, small group health, short-term health and specialty health markets.
Fortis, Brussels, a European financial services giant, acquired Time in 1978. In 1998, Time tried to take advantage of its parent’s growing name recognition by changing its own name to Fortis Insurance.
The European parent company later decided to spin off its U.S. operatins by turning them into a separate, publicly traded company, Assurant Inc., New York. Fortis carried out that plan by selling a 65% stake in Assurant Inc. to the public in 2004.
Assurant Health is now one of Assurant Inc.’s major divisions.
Assurant Health is resurrecting the old Time Insurance name for the Fortis Insurance unit because many insurance brokers still recognize the Time brand, a company spokesman says.