ATLANTA and INDIANAPOLIS, April 16, 2014—Assurant, Inc. (NYSE: AIZ), a premier provider of specialty insurance and services, today announces the acquisition of StreetLinks LLC, a leader in appraisal and valuation solutions for the mortgage industry, from Novation Companies, Inc. (OTCQB: NOVC) and other shareholders.
With more than $140 million in annual fee income, StreetLinks is among the largest independent U.S. appraisal management companies. Through a nationwide network of expert appraisers, StreetLinks provides a comprehensive suite of valuation services and technology solutions for the mortgage banking industry.
“This acquisition is a natural extension for Assurant Specialty Property,” said President and CEO Gene Mergelmeyer. “We are a leader in insurance, preservation and other services for the mortgage industry, and StreetLinks is a leader in valuation solutions and technologies used by lenders and appraisers nationwide. We look forward to working and growing together, and bringing our clients a more comprehensive suite of services.”
Assurant Specialty Property has acquired StreetLinks for approximately $60 million in cash, plus a potential earnout payment based on future performance. Assurant expects the transaction to be accretive to earnings in 2015.
“Assurant and StreetLinks share a like mindset, particularly when it comes to innovation and commitments to quality and service, which presents numerous opportunities for us to shape the ever-changing appraisal industry together,” said StreetLinks President Tom Hurst. “We are thrilled that Assurant has chosen StreetLinks and are honored to be joining the Assurant team.”
StreetLinks will retain its brand name, continuing to be based in Indianapolis, with a center also in Tampa.
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. With some 7,500 employees in 12 locations, 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. 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 StreetLinks
StreetLinks Lender Solutions provides an innovative and comprehensive suite of valuation services and lending technology solutions to banks, lenders and other mortgage industry firms. StreetLinks’ commitment to quality and service, embodied by our partnership approach to clients and appraisers, continues to set us apart as the nation’s premier lending solutions partner. Our products and services are used by thousands of mortgage bankers and appraisers nationwide to simplify and improve everyday business operations. For more information, visit www.streetlinks.com.
CAUTIONARY STATEMENT - Some of the statements included in this news release, particularly statements regarding the consummation of this acquisition and its expected impact 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:
Robert Byrd
Senior Director, Communications
Assurant Specialty Property
Phone: 770.763.2319
[email protected]
Shawn Kahle
Vice President, Corporate Communications
Phone: 212.859.7047
[email protected]
StreetLinks Contact:
Caitlin Hogan
Marketing Coordinator
Phone: 414.847.6910
[email protected]
Assurant Investor Relations Contacts:
Francesca Luthi
Senior Vice President, Investor Relations
Phone: 212.859.7197
[email protected]
Suzanne Shepherd
Director, Investor Relations
Phone: 212.859.7062
[email protected]