December 24, 2014 10:32 PM 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 operates as an administrator for the United States government through the voluntary national flood insurance program. The company offers its services through manufact...

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: 55
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 2014.

Assurant Specialty Property Key Developments

Assurant Specialty Property Reports Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014; Provides Earnings Guidance for the Full Year 2014

Assurant Specialty Property reported unaudited earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net operating income of $104.7 million against $115.1 million a year ago. Net earned premiums, fees and other was $742.2 million against $642.0 million a year ago. Net operating income decreased in the quarter, primarily due to the impact of lower premium rates in the lender-placed insurance business. No catastrophe losses were reported in both third quarter 2014 and third quarter 2013. Net earned premiums, fees and other income increased in third quarter 2014, primarily due to the previously disclosed discontinuation of a lender-placed insurance quota share arrangement, partially offset by lower premium rates. Results also reflect fee income from the Field Asset Services and StreetLinks acquisitions. For the nine months, the company reported net operating income of $270.8 million against $315.8 million a year ago. Net earned premiums, fees and other was 2,120.6 million against $1,809.9 million a year ago. The company provided earnings guidance for the full year 2014. The company's net earned premiums and fees to increase from 2013 driven by growth in targeted areas, including acquisitions in the mortgage value chain, as well as lender-placed insurance. Overall lender-placed insurance results to be affected by catastrophe losses, lower placement and premium rates, and the previously disclosed loss of client business. Expense ratio to increase, primarily reflecting a higher mix of fee income business and additional costs to support lender-placed insurance. Non-catastrophe loss ratio to remain elevated due to higher claims frequency and lower premium rates.

Assurant Specialty Property Announces Unaudited Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Financial Guidance for the Full Year of 2013

Assurant Specialty Property announced unaudited earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported net operating income of $115.1 million and net earned premiums, fees and other of $642.0 million compared to net operating income of $89.4 million and net earned premiums, fees and other of $544.9 million a year ago period. Net operating income increased in the quarter, primarily reflecting the absence of reportable catastrophes as well as continued growth in the lender-placed business. Reportable catastrophe losses totaled $17.9 million in third quarter 2012. Net earned premiums, fees and other income increased in the quarter, primarily due to growth from lender-placed loan portfolios and the discontinuation of a client quota-share arrangement in second quarter 2013. Revenue growth from the multi-family housing business also contributed to the increase. For the nine months, the company reported net operating income of $315.8 million and net earned premiums, fees and other of $1,809.9 million compared to net operating income of $294.7 million and net earned premiums, fees and other of $1,568.7 million a year ago period. The company's net earned premiums and fees to increase compared to 2012 due to higher volume in lender-placed loan portfolios, the discontinuation of a client quota-share arrangement and growth in multi-family housing products. Overall results to be affected by changes in placement rates, premium rates and catastrophe losses.

Assurant Specialty Property Reports Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2013; Provides Earnings Guidance for the Year 2013

Assurant Specialty Property reported unaudited earnings results for the second quarter and six months ended June 30, 2013. For the quarter, the company reported net operating income of $106.5 million compared to $92.3 million reported a year ago. Net earned premiums, fees and other was $612.0 million compared to $515.5 million reported a year ago. For the six months, the company reported net operating income of $200.8 million compared to $205.3 million reported a year ago. Net earned premiums, fees and other was $1,168.0 million compared to $1,023.8 million reported a year ago. The company now expects net earned premiums and fees to increase compared to 2012 due to higher volume in lender-placed loan portfolios, the discontinuation of a client reinsurance agreement and growth in multi-family housing products.

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