AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the U.S. property/casualty (P/C) subsidiaries of Assurant, Inc. (Assurant) (headquartered in Atlanta, GA) [NYSE: AIZ]. These companies are collectively referred to as Assurant P&C Group (Assurant P&C). At the same time, AM Best has affirmed the Long-Term ICR of “a-” (Excellent), all associated Long-Term Issue Credit Ratings (Long-Term IR), indicative Long-Term IRs and the Short-Term IR of Assurant. Concurrently, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of Assurant’s credit and life/health subsidiaries: American Bankers Life Assurance Company of Florida (Miami, FL) and Caribbean American Life Assurance Company (San Juan, PR), collectively known as Assurant Lifestyle L&H. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed list of the companies and Long- and Short-Term IRs.)

The ratings of Assurant P&C reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).

Assurant P&C’s very strong balance sheet strength is supported by its risk-adjusted capitalization at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and very strong earnings power with relatively low volatility given the relative significance of its low-risk businesses, particularly in the Global Lifestyle segment. The group’s favorable balance sheet position is bolstered further by its positive cash flows and stable reserves. These strengths are offset partially by Assurant’s property catastrophe exposure, which stems mostly from its lender-placed homeowners’ business in Global Housing, and its heavy reliance on high-quality third-party reinsurance that is effective in mitigating this risk to a level more commensurate with the group’s overall risk appetite. Assurant P&C’s operating performance is consistently strong with superior returns on capital, benefiting from its expertise in highly specialized niche businesses, and diverse partnerships with market leaders in both its Global Lifestyle and Global Housing segments. Both segments are steady contributors to Assurant’s profits.

The ratings of Assurant Lifestyle L&H reflect the group’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate ERM. Assurant Lifestyle L&H also receives one level of rating enhancement from its affiliate, Assurant P&C, as it is considered important to the Assurant brand as a licensed credit life and credit accident and health insurer. The credit insurance business adds to overall product diversity for Assurant. AM Best notes that Assurant remains a recognizable name in these markets as the group continues to be a market leader in the credit card space in Canada. The regulatory environment remains favorable for the products offered by the group.

The FSR of A+ (Superior) and the Long-Term ICRs of “aa-” (Superior) have been affirmed with stable outlooks for the following P/C subsidiaries of Assurant, Inc.:

• American Bankers Insurance Company of Florida
• American Security Insurance Company
• Standard Guaranty Insurance Company
• Caribbean American Property Insurance Company
• Voyager Indemnity Insurance Company
• Virginia Surety Company, Inc.
• Reliable Lloyds Insurance Company

The following Short-Term IR has been affirmed:

Assurant, Inc.—

-- AMB-1+ (Strongest) on commercial paper

The following Long-Term IRs have been affirmed with stable outlooks:

Assurant, Inc.—

-- “a-” (Excellent) on USD 300 million 4.90% senior unsecured bonds, due 2028

-- “a-” (Excellent) on USD 350 million 3.70% senior unsecured bonds, due 2030

-- “a-” (Excellent) on USD 475 million 6.75% senior unsecured bonds, due 2034 (USD 275 million outstanding)

-- “bbb+” (Good) on USD 400 million 7.00% subordinated bonds, due 2048

-- “bbb+” (Good) on USD 250 million 5.25% subordinated bonds, due 2061

The following indicative Long-Term IRs on securities available under the shelf registration have been affirmed with stable outlooks:

Assurant, Inc.—

-- “a-” (Excellent) on senior unsecured

-- “bbb+” (Good) on subordinated debt

-- “bbb” (Good) on preferred stock

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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