NEW YORK, August 2, 2004—Assurant, Inc. (NYSE: AIZ), a premier provider of specialized insurance and insurance-related products and services, today announced that its 180-day "lock-up" period that restricted Assurant's former parent company, Fortis, Assurant, Assurant directors and executive officers from selling Assurant shares and which would have been automatically extended through August 22, 2004, has been waived by the underwriting syndicate, effective Friday, July 30, 2004.
In connection with Assurant's initial public offering in February the "lock-up" was initially set to expire on August 3, 2004, two days before Assurant plans to announce its second quarter 2004 results. As a result of the proximity of the earnings announcement to the original ending date of the lock-up period, the lock-up period would have been automatically extended pursuant to the terms of Assurant's underwriting agreement, as outlined in the Company's prospectus filed with the SEC. The waiver by the underwriting syndicate will allow brokerage firms in the underwriting syndicate to issue research reports on August 15 (15 days following July 30, 2004).
Assurant is a premier provider of specialized insurance products and related services in North America and selected other markets. The four key businesses -- Assurant Employee Benefits; Assurant Health; Assurant Preneed; and Assurant Solutions -- have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments in the U.S. and selected international markets. The Assurant business units provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.
The company, which is traded on the New York Stock Exchange under the symbol AIZ, has approximately $24 billion in assets and $7 billion in revenue. Assurant has more than 12,000 employees and is headquartered in New York's financial district.
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