Broadens Valuation Services to Mortgage Servicers, Capital Markets
ATLANTA – Sept. 4, 2014 – Assurant Specialty Property, a business segment of Assurant, Inc. (NYSE: AIZ), today announced the expansion of its risk management offerings for the mortgage industry with the acquisition of eMortgage Logic, LLC, a national provider of residential valuation products and valuation technology services.
eMortgage Logic is a leading provider of broker price opinions—valuation reports that provide insight into residential property values and local real estate market trends. The company’s services also include property appraisals, regulatory and compliance services, valuation technology and local market analytics.
Assurant acquired eMortgage Logic in a cash transaction for an initial payment of $17 million, with a possible earnout payment based on future performance.
“This acquisition builds on our core strengths in serving the mortgage industry,” said Gene Mergelmeyer, president and CEO of Assurant Specialty Property. “More than ever, we can serve mortgage originators, servicers and capital markets investors with a comprehensive suite of risk management solutions, from insurance to valuation to property preservation. eMortgage Logic augments our existing offerings and supports our business strategy, as we work to provide end-to-end services to mortgage and lending institutions.”
Based in North Richland Hills, Texas, and founded in 2002, eMortgage Logic is expected to generate approximately $35 million annually in fee income from mortgage servicing and capital markets customers. The business will remain under the leadership of co-founder and CEO Ralph Sells, and retain its brand name.
“We’re thrilled to join Assurant, a leader in risk management for the mortgage industry and a Fortune 500 company with a strong financial foundation,” Sells said. “In this dynamic environment, local market valuation is a vital part of managing risk. We look forward to the opportunities created by this combination, which will enable us to better serve our clients’ evolving needs.”
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. Services include insurance tracking and management and lender-placed homeowners insurance, and property preservation services, as well as property and personal coverage such as renters, farm and flood insurance. Assurant Specialty Property serves clients and customers in all 50 states. www.assurantspecialtyproperty.com
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. With some 17,500 employees, Assurant has approximately $30 billion in assets and $9 billion in annual revenue. For more information, please visit www.assurant.com and follow us on Twitter @AssurantNews.
About eMortgage Logic
eMortgage Logic is a leading provider of residential valuation products and valuation technology nationwide, including appraisals, broker price opinions, property condition reports, value reconciliations, desktop reviews and local market analytics. Clients who rely on eMortgage Logic’s services and products to assess risk include top mortgage companies, banks, government agencies and investors. eMortgage Logic utilizes leading-edge technology to provide the most robust, accurate and current market data available. For more information, visit www.emortgagelogic.com.
CAUTIONARY STATEMENT - Some of the statements included in this news release, particularly statements regarding the expected impact of this acquisition on our financial results, may be forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management's best estimates, assumptions and projections and are subject to significant uncertainties. Actual results may differ materially from those projected in the forward-looking statements. Assurant 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 the general 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 2013 Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission.
Assurant Media Contacts:
Senior Director, Communications Assurant Specialty Property
Assistant Vice President,
Assurant Investor Relations Contact:
Director, Investor Relations
eMortgage Logic Contact:
EVP, Business Development