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Assurant as a whole is reporting $50 million in net income for the first quarter on $2.6 billion in revenue, compared with $137 million in net income on $2.4 billion in revenue for the first quarter of 2014.
Nadel and Levine indicate that the drop in income from the California cut will be 85 percent of the premium cut, and that Assurant has little room to cut costs to offset the drop in premiums.
Assurant is a Fortune 500 company that provides risk management solutions, protecting where consumers live and the goods they buy.
A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection and related services; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; and lender-placed homeowners insurance.
The implementation project is already underway with a four-month plan to setup FORCE for Assurant's specific needs, with an anticipated easy transition to production use.
Partnering with Assurant brings that goal one step closer as they continue to innovate in the online Property Management technology market.
See also: Sun Life's Assurant benefits deal: 3 messages for brokers
Sun Life executives talked about using the benefits unit offices they are getting in Kansas City, Mo., and the benefits unit's 1,700 employees, to reach the 30,000 small and midsize employers that have been using Assurant's life, disability, dental and vision products.
The benefits unit has been doing about as well as the other units, but the Assurant Health unit reported about $80 million to $90 million in net operating losses.
The press release noted that the acquisition significantly expands the field services business launched in 2011 by Assurant Specialty Property as Assurant Property Advantage.
Specifically, John Nadel of Sterne Agee & Leach in New York is upgrading Assurant to neutral from underperform because Florida, in a rate action dealing with QBE--a main Assurant competitor in the market--is ordering more flexible rate reductions than California and New York for the industry.
This settlement includes major reforms that will put a stop to those practices at Assurant, provide restitution to homeowners who were harmed, and save millions of dollars for homeowners, taxpayers, and investors going forward through lower rates;'