NEW YORK, Nov. 26, 2008 -- Assurant, Inc. ("Assurant") (NYSE: AIZ), a premier provider of specialty insurance and insurance-related products and services, today commented on A.M. Best's statement regarding the company's financial strength ratings.
"We were very pleased to see that A.M. Best affirmed the ratings of nineteen of Assurant's twenty two underwriting entities and raised Assurant's outlook to 'stable' during these historically challenging economic times," said Robert B. Pollock, Assurant's president and chief executive officer. "All of our rated underwriting entities continue to have A- or better ratings, and we believe that Assurant remains well-capitalized and well-positioned to continue to deliver on our commitments to our policyholders and compete effectively."
A.M. Best lowered the A ("Excellent") ratings to an A- rating ("Excellent") for Union Security Insurance Company and American Memorial Life Insurance Company, Assurant's life insurance subsidiaries which have longer duration investment portfolios. These subsidiaries include the independent preneed runoff, preneed and long term disability products. In connection with these rating actions, Assurant does not have any current need to raise capital.
Assurant is a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses -- Assurant Solutions; Assurant Specialty Property; Assurant Health; and Assurant Employee Benefits -- have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments worldwide.
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 over $25 billion in assets and $8 billion in annual revenue. www.assurant.com
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