Assurant Purchases StreetLinks

Proquest LLC

Assurant, Inc., a provider of specialty insurance and services, announced the acquisition of StreetLinks, a company focusing on appraisal and valuation solutions for the mortgage industry, from Novation Companies, Inc. and other shareholders.

According to a release, with more than $140 million in annual fee income, StreetLinks is among the largest independent U.S. appraisal management companies. Through a nationwide network of appraisers, StreetLinks provides a suite of valuation services and technology solutions for the mortgage banking industry.

"This acquisition is a natural extension for Assurant Specialty Property," said President and CEO Gene Mergelmeyer. "We are a leader in insurance, preservation and other services for the mortgage industry, and StreetLinks is a leader in valuation solutions and technologies used by lenders and appraisers nationwide. We look forward to working and growing together, and bringing our clients a more comprehensive suite of services."

Assurant Specialty Property has acquired StreetLinks for approximately $60 million in cash, plus a potential earnout payment based on future performance. Assurant expects the transaction to be accretive to earnings in 2015.

"Assurant and StreetLinks share a like mindset, particularly when it comes to innovation and commitments to quality and service, which presents numerous opportunities for us to shape the ever-changing appraisal industry together," said StreetLinks President Tom Hurst. "We are thrilled that Assurant has chosen StreetLinks and are honored to be joining the Assurant team."

StreetLinks will retain its brand name, continuing to be based in Indianapolis, with a center also in Tampa.

Assurant Specialty Property is a provider of insurance services in partnership with mortgage lenders, property managers, financial institutions, manufactured home sellers, auto finance companies and their customers.

Assurant Specialty Property is part of Assurant, a provider of specialized insurance products and related services in North America and select worldwide markets.

StreetLinks Lender Solutions provides a suite of valuation services and lending technology solutions to banks, lenders and other mortgage industry firms.

More information:

assurantspecialtyproperty.com

assurant.com

streetlinks.com

((Comments on this story may be sent to newsdesk@closeupmedia.com))