Company Overview of Assurant Specialty Property
Assurant Specialty Property engages in the insurance business in the United States. The company offers lender-placed and voluntary homeowners insurance products, such as fire and dwelling hazard insurance for lenders, mortgage servicers, and investors in mortgaged properties; and real estate owned insurance products on foreclosed properties. It also provides lender-placed and voluntary manufactured housing insurance products; and other insurance products and mortgage services consisting of lender-placed and voluntary flood insurance, and multi-family housing insurance products, as well as mortgage property risk management services. In addition, it performs property preservation, restoration,...
260 Interstate North Circle, SE
Atlanta, GA 30339
Key Executives for Assurant Specialty Property
Chief Executive Officer and President
Chief Operating Officer and Executive Vice President
Senior Vice President and President of the Property Solutions Business Unit
Chief Information Officer and Senior Vice President
Senior Vice President and General Counsel
Compensation as of Fiscal Year 2016.
Assurant Specialty Property Key Developments
Assurant Specialty Property Partners with Carma to Provide Insurance Coverage for its Carpooling and Car-Sharing Programs in the San Francisco Bay Area
Mar 17 16
Assurant Specialty Property has teamed up with Carma to provide insurance coverage for its carpooling and car-sharing programs in the San Francisco Bay Area. Carma’s mobile apps are designed to help users find nearby short-term car reservations or commuters to share ride costs with. Insurance coverage includes liability, medical and vehicle damage. Passengers simply reimburse drivers for gas and maintenance through Carma’s commuter app. In addition to cutting the cost of commuting, riders can also cut commute time by using the carpool lane. Under this new partnership with Assurant Specialty Property, the Carma experience is seamless for drivers in that their current car insurance coverage is not affected.
Assurant Specialty Property Reports Unaudited Earnings Results for the Fourth Quarter and Year Ended December 31, 2015; Provides Earnings Guidance for the Year 2016
Feb 9 16
Assurant Specialty Property reported unaudited earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company reported net operating income of $57.8 million against $71.0 million a year ago. Net earned premiums, fees and other was $601.7 million against $686.5 million a year ago. Net operating income decreased in fourth quarter and full-year 2015, compared to the same periods in 2014, primarily due to the ongoing normalization of lender-placed insurance, including the previously disclosed loss of client business as well as increased legal expenses.
For the year, the company reported net operating income of $307.7 million against $341.8 million a year ago. Net earned premiums, fees and other was $2,450.2 million against $2,807.1 million a year ago. Net earned premiums decreased primarily due to the divestiture of ARIC and the ongoing normalization of lender-placed insurance, including the loss of client business. Fee income increased in the quarter and in full-year 2015, primarily reflecting organic growth from the mortgage solutions business.
For the year 2016, company expects its property’s net earned premiums and net operating income to decrease from 2015 levels. Results to be affected by the ongoing normalization of lender-placed insurance business partially offset by increased efficiencies and expense savings initiatives. Overall results to be affected by catastrophe losses.
Assurant Specialty Property Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2015; Provides Earnings Guidance for the Full Year 2015
Oct 27 15
Assurant Specialty Property reported unaudited earnings results for the third quarter and nine months ended September 30, 2015. For the quarter, the company reported net operating income of $87.3 million against $104.7 million a year ago. Net earned premiums, fees and other was $597.7 million against $742.2 million a year ago. Net operating income decreased in third quarter 2015, primarily due to the previously disclosed loss of client business and ongoing normalization of lender-placed insurance. Reduced reinsurance costs, lower non-catastrophe losses and growth in the multi-family housing business partially offset the decline. No catastrophe losses were reported in the third quarters of 2015 and 2014. Net earned premiums, fees and other income decreased in third quarter 2015, primarily due to the divestiture of ARIC and lower placement and premium rates in lender-placed insurance. Fee income grew, reflecting contributions from mortgage solutions. Combined ratio decreased in the quarter to 81.0% compared to 81.8% in third quarter 2014. Results benefited primarily from lower frequency and severity of non-catastrophe claims partially offset by lower lender-placed net earned premiums and a higher mix of fee-based businesses.
For the nine months, the company reported net operating income of $249.9 million against $270.8 million a year ago. Net earned premiums, fees and other was $1,848.6 million against $2,120.6 million a year ago.
The company provided earnings guidance for the full year 2015. Assurant Specialty Property’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. Contributions from multi-family housing and mortgage solutions to partially offset the decline. Overall results to be affected by catastrophe losses.
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