Assurant 2009 Annual Report Download - page 8

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06
ASSURANT SPECIALTY PROPERTY
The outstanding performance at Assurant Specialty Property continued in 2009. Net operating
income was $406 million and net earned premiums were $1.95 billion. A benign hurricane
season helped our results. We worked hard to manage expenses while also responding to an
increased demand for services from our customers in the rapidly changing mortgage market.
We maintained our leading market position in loans tracked by securing new customers and
key renewals during the year to further strengthen our business.
We are strategically expanding other logical product adjacencies, such as renters insurance
and ood insurance. One way we continue to improve our service is through technology
investmentssuch asinourSmartFlow™ automatedworkowsystem. We’readaptingthese
proprietary systems for more uses, including loss draft applications, to make processing more
efcientforallofourcustomers.Investmentssuchastheseareimportantaswecontinueto
increase our unique competitive advantages and fortify the leadership position of Assurant
Specialty Property.
ASSURANT SOLUTIONS
Assurant Solutions made solid strides in 2009, posting net operating income of $120.1 million—
an increase of 7 percent over the prior year— on net earned premiums of $2.67 billion. In spite
ofachallengingeconomyworldwide,AssurantSolutionsiswell-positionedtoimproveprots
in 2010. Both sales in our preneed business and earned revenues in our extended service
contractbusinessimprovedfortheyear.Domestically,nancialresultsimprovedandweadded
new clients and grew business with existing partnerships. At the same time, we executed on
our strategy to expand partnerships with original equipment manufacturers which started
with our acquisition of the GE Warranty Management Group in 2008. Our wireless strategy
continues to proceed as we fully integrate Signal Holdings LLC into our operations.
Internationally, with the exception of the unfavorable experience in the UK, protability
and revenue have been growing, and we have increased market share in several countries.
International is a country-by-country business, and a good example of where we are
succeeding is Brazil where we are generating double-digit revenue growth. Canada continues
to be a great market for us, and we were pleased to add the Royal Bank of Canada as a new
credit insurance client.