Assurant Strengthens Position in Wireless Service Contract Market by Acquiring Wireless...

Assurant Strengthens Position in Wireless Service Contract Market by Acquiring
Wireless Handset Service Provider Signal Holdings

NEW YORK and WAYNE, Pa., July 31 /PRNewswire-FirstCall/ -- Assurant, Inc.
(NYSE: AIZ), a premier provider of specialty insurance and insurance-related
products and services, announced today that it has entered into an agreement
with Signal Holdings LLC, a leading provider of wireless handset protection
programs and repair services, to acquire the company's outstanding capital
stock for $250 million in an all cash transaction from Trident II, L.P. and
Signal Holdings' management. Trident II is a private equity fund managed by
Stone Point Capital LLC. The transaction, which is subject to regulatory
approval, is expected to close in the fourth quarter of 2008.
Signal Holdings, a privately held company headquartered in Wayne, Pa.,
generates annual revenues of approximately $330 million through servicing
service contracts for 4.2 million wireless subscribers. Signal has
longstanding relationships with leading wireless carriers and employs
approximately 700 people in four locations.
Assurant Solutions and Signal have been business partners since 2001.
Assurant has provided the underwriting and marketing support with Signal
providing the servicing capability for their shared client base. As a result,
Assurant expects that its acquisition of Signal will not change reported gross
written premiums, but will add approximately $150 million to Assurant
Solutions revenue.
Robert B. Pollock, Assurant's president and chief executive officer said:
"Assurant continues to target opportunities which we believe offer long term
growth opportunities to our shareholders, and this acquisition improves our
position in the service contract market for wireless handsets. Success of this
deal will be measured by our ability to increase our market position in this
growing market. The deal should be accretive to earnings beginning in 2010
after we have completed the integration of Signal into Assurant Solutions."
S. Craig Lemasters, president and chief executive officer of Assurant
Solutions said: "This transaction expands Assurant Solutions' client portfolio
and servicing capabilities in the wireless marketplace. In addition, we add an
experienced management team and an outstanding customer service organization
to Assurant Solutions, which is consistent with our goal of providing a total
solution to our clients by integrating all aspects of the customer experience.
Tom Cloetingh, president and chief executive officer of Signal Holdings
said: "Assurant Solutions has been a great partner for nearly eight years, and
we are looking forward to becoming part of the company. Assurant brings scale
to the business, in terms of product innovation, marketing expertise and
financial stability. That's essential to growing and establishing new client
relationships in the wireless industry."
About Signal Holdings
Signal Holdings of Wayne, Pa. is a leading provider of wireless handset
insurance, logistics, repair and asset recovery services. Its clients include
leading companies in wireless communications. The 24-year-old company
provides end-to-end service wireless handset protection programs, including
insurance, extended service contracts, customer care, forward and reverse
logistics, handset repair, asset recovery and wireless technical support.
Signal Holdings is led by Tom Cloetingh, president and chief executive
officer, and his brother, Steve Cloetingh, executive vice president, who
together founded the company in 1984. The three primary operating companies
are The Signal LP, a licensed insurance agency; CWork Solutions LP, which
handles logistics and repairs, and Telecom Re, a Bermuda reinsurance company.
The company owns and operates call centers in Albany, Ore., and Wayne, Pa.,
and a logistics and repair facility in York, Pa.
About Assurant and Assurant Solutions
Assurant is a premier provider of specialized insurance products and
related services in North America and selected international markets. Its four
key businesses - Assurant Employee Benefits, Assurant Health, Assurant
Solutions and Assurant Specialty Property - 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 more than $26
billion in assets and $8 billion in annual revenue. The Assurant Web site is
www.assurant.com .
Assurant Solutions businesses develop, underwrite, market and administer
specialty insurance, extended service contracts and other risk management
solutions through collaborative relationships with leading financial
institutions, retailers, automobile dealers, funeral homes, utilities and
other entities. With operations in 24 cities, including executive offices in
Atlanta, Ga., Assurant Solutions serves clients and their customers in 13
countries throughout North America, the Caribbean, Latin America, Europe and
Asia. http://www.assurantsolutions.com
SOURCE Assurant, Inc.

James A. Sykes, Director of External Communications, +1-770-763-1015, or (fax)
+1-770-859-4325, or James.sykes@assurant.com; or Melissa Kivett, Senior Vice
President of Investor Relations, +1-212-859-7029, or (fax) +1-212-859-5893, or
melissa.kivett@assurant.com; or John Egan, Vice President of Investor
Relations, +1-212-859-7197, or (fax) +1-212-859-5893, or
john.egan@assurant.com, all of Assurant Solutions