ATLANTA, Oct. 8, 2013 - Assurant Specialty Property, a unit of Assurant, Inc.
(NYSE: AIZ), a leading provider of specialty insurance products and
services, today announced an agreement with the Florida Office of
Insurance Regulation regarding its lender-placed hazard insurance
American Security Insurance Company, a subsidiary within Assurant Specialty Property, will
file for a 10 percent reduction in lender-placed hazard insurance
rates in that state. The new rate reflects recent experience in
Florida. Once filed and approved, the rates are expected to be
effective for new and renewing policies starting in first quarter 2014.
“We look forward to implementing our new lender-placed insurance
program in Florida to reduce premiums for consumers and provide added
flexibility for our clients,” said Gene Mergelmeyer, president and
chief executive officer, Assurant Specialty Property.
American Security Insurance Company also agreed to modify certain
practices, including elimination of commissions and client quota-share
reinsurance arrangements, to meet new requirements of providers of
lender-placed insurance in Florida. These new lender-placed practices
are expected to take effect in Florida one year following the
American Security Insurance Company recorded $510 million of direct
earned premiums and $372 million in net earned premiums before
catastrophe reinsurance costs in Florida in 2012.
To view a copy of the Consent Order, please click here.
About Assurant Specialty Property
Assurant Specialty Property is a leading provider of insurance
services in partnership with mortgage lenders, property managers,
financial institutions, manufactured home sellers, auto finance
companies and their customers. With more than 5,000 employees in 12
locations, Assurant Specialty Property serves clients and customers in
all 50 states.
Assurant Specialty Property is part of Assurant, a
premier provider of specialized insurance products and related services
in North America and select worldwide markets. Assurant, a Fortune 500
company and a member of the S&P 500, is traded on the New York
Stock Exchange under the symbol AIZ. Assurant has approximately $29
billion in assets and $8 billion in annual revenue.
Some of the
statements above constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Such forward-looking statements include statements about when new rates
and practices will take effect. Actual results may differ materially
from the estimates we have given because of a variety of factors, and
Assurant, Inc. undertakes no obligation to update any forward-looking
statements in this news release as a result of new information or
future events or developments. For a detailed discussion of risk
factors that could affect our results, please refer to the risk factors
identified in our annual and periodic reports, including but not
limited to our 2012 Annual Report on Form 10-K, as filed with the U.S.
Securities and Exchange Commission.