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Fitch affirms Assurant
Fitch Ratings said it affirmed Assurant Inc.'s holding company ratings, including the senior debt rating at BBB, as well as the insurer financial strength ratings of its operating subsidiaries.
The outlook is stable for the property/casualty and life companies.
The outlook remains negative for Assurant's health and U.K.-based companies.
The rationale is based on Assurant's strong, diversified sources of earnings led by its solid niche market positions and long-standing distribution partnerships, Fitch said.
The company continues to post solid operating performance with operating income of $560 million in 2010, a 20% increase from the prior year, the agency said.
Earnings continue to be driven by solid results in Assurant Specialty Property, its largest segment, Fitch said.
Concerns include increased catastrophe exposure in its lender-placed homeowners' insurance portfolio due to a geographic mix shift to northeast and southern coastal areas, including Florida, the agency said.
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