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September 01, 2015 12:35 AM ET

Insurance

Company Overview of Assurant Specialty Property

Company Overview

Assurant Specialty Property provides various insurance products and services in the United States. It offers lender-placed and voluntary homeowners insurance products that comprise fire and dwelling hazard insurance for lenders, mortgage servicers, and investors; and real estate owned insurance products on foreclosed properties. The company provides lender-placed and voluntary manufactured housing insurance products; and other insurance products comprising lender-placed flood and multi-family housing insurance products. It also acts as an administrator for the United States government through the voluntary national flood insurance program. In addition, the company offers appraisal management...

260 Interstate North Circle, SE

Atlanta, GA 30339

United States

Phone:

770-763-1000

Fax:

770-859-4403

Key Executives for Assurant Specialty Property

President
Age: 56
President of Lending Solutions Business
Senior Vice President and General Counsel
Senior Vice President of Hazard Product Line
Director of External Communications
Compensation as of Fiscal Year 2015.

Assurant Specialty Property Key Developments

Assurant Specialty Property Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Provides Earnings Guidance for the Year 2015

Assurant Specialty Property reported unaudited earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net operating income of USD 87.5 million compared to USD 68.3 million reported a year ago. Net earned premiums, fees and other was USD 638.2 million compared to USD 714.3 million reported a year ago. Net operating income increased in second quarter 2015 driven by lower non-catastrophe losses, fewer reportable catastrophes as well as reduced reinsurance costs. Net earned premiums, fees and other income decreased in second quarter 2015, primarily due to the divestiture of ARIC and lower placement and premium rates in lender-placed insurance. For the six months, the company reported net operating income of USD 162.6 million compared to USD 166.1 million reported a year ago. Net earned premiums, fees and other was USD 1,250.8 million compared to USD 1,378.5 million reported a year ago. For the year, the company’s net earned premiums and net operating income to decrease from 2014, reflecting ongoing normalization of lender-placed insurance business, previously announced loss of client business and the sale of ARIC. Initiatives to lower expenses in lender-placed insurance to generate net savings in the latter part of the year.

Assurant Specialty Property Reports Unaudited Earnings Results for the First Quarter Ended March 31, 2015; Provides Earnings Guidance for 2015

Assurant Specialty Property reported unaudited earnings results for the first quarter ended March 31, 2015. For the quarter, net operating income was $75.1 million compared with $97.7 million for the same period last year. Net earned premiums, fees and other was $612.7 million compared with $664.1 million for the same period last year. Net operating income decreased in first quarter, primarily driven by the ongoing normalization of lender-placed insurance. Net earned premiums, fees and other income decreased in the quarter, primarily due to the divestiture of ARIC and lower placement and premium rates in lender-placed insurance. For full year 2015, the company continues to expect net earned premiums and net operating income to decrease from 2014, reflecting ongoing normalization of lender-placed insurance business, previously announced loss of client business and the sale of ARIC. Initiatives to lower expenses in lender-placed insurance to generate net savings in the latter part of the year. Contributions from multi-family housing and mortgage solutions to partially offset the decline. overall results to be affected by catastrophe losses.

Assurant Specialty Property Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2014; Provides earnings guidance for the year 2015

Assurant Specialty Property reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2014. For the quarter, the company reported net operating income of $71.0 million against $107.8 million a year ago. For the year, the company reported net operating income of $341.8 million against $423.6 million a year ago. For the year 2015, the company expects net earned premiums and net operating income to decrease from 2014, reflecting normalization of lender-placed insurance business.

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