August 20, 2014 6:27 PM ET


Company Overview of American Security Insurance Company

Company Overview

American Security Insurance Company operates as a subsidiary of Interfinancial Inc.

260 Interstate North Circle SE

Atlanta, GA 30339-2210

United States

Key Executives for American Security Insurance Company

American Security Insurance Company does not have any Key Executives recorded.

American Security Insurance Company Key Developments

Assurant Inc., American Security Insurance Company and American Bankers Insurance Company Of Florida, Inc. Reach Agreement with New York Department of Financial Services

Assurant Inc., and its subsidiaries American Security Insurance Company (ASIC) and American Bankers Insurance Company Of Florida, Inc. (ABIC), reached an agreement with the New York Department of Financial Services (NYDFS) regarding lender-placed insurance in the State of New York. Under the terms of the agreement, ASIC and ABIC, both part of Assurant Specialty Property, will: Make a $14 million settlement payment, without admitting or denying any wrongdoing. Modify certain lender-placed business practices consistent with new regulations expected to be issued by the NYDFS that will apply to all New York-licensed lender-placed insurers of properties in the state. File its new lender-placed program and new rates in New York. Establish a refund opportunity program to be administered by an independent third party, through which New York property owners with ASIC or ABIC polices issued on or after Jan. 1, 2008 may be eligible for refunds of a portion of their premiums.

American Security Insurance Company Provides Earnings Guidance for 2012

American Security Insurance Company provided earnings guidance for 2012. For 2012, the company estimates that it will record approximately $140 million of gross written premiums and $108 million of net earned premiums in California for the type of policies that are subject to the rate reduction. This is based on actual September year-to-date California results of $105 million in gross written premiums and $81 million in net earned premiums. On the basis of 2012 placement rates and the current book of business, the company estimates that annualized net earned premiums and net income would be reduced by approximately $33 million and $18 million, respectively.

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