News Room

February 8, 2005

Tennessee Jury Awards Assurant Companies Multimillion-dollar Verdict in Marketing Agreement Dispute

ATLANTA: Assurant Solutions, a leading provider of specialty insurance, extended service contracts and other risk management solutions, announced that a state court jury in Tennessee has awarded its companies damages in a contract dispute with Progeny Marketing Innovations, a wholly-owned subsidiary of Cendant Corporation.

Assurant Solutions, which is part of Assurant (NYSE:AIZ), said a Williamson County Chancery Court jury on Friday, Feb. 4, 2005 found that Progeny Marketing Innovations (previously known as FISI Madison LLC) of Franklin, Tenn., had breached a 2000 marketing agreement with the Assurant Solutions companies to jointly promote and underwrite certain customer appreciation products.

Assurant Solutions said that while the total amount of the judgment has not been determined, the jury awarded its companies $8 million for a violation of the Tennessee Consumer Protection Act, $15.12 million for breach of contract, $42.61 million for breach of fiduciary duty and conversion and $5 million in punitive damages. Certain additional equitable issues remain for disposition by the Court.

The company also stated that the verdict is subject to appeal.

The verdict ended a four-week trial that began Jan. 10, 2005 before Circuit Court Judge Timothy Easter.

About Assurant Solutions

Assurant Solutions companies develop, underwrite and market specialty insurance, extended service contracts and other risk management solutions in collaborative relationships with leading financial institutions, retailers, manufactured housing and automobile dealers, utilities and other entities. Principal lines of business include creditor-placed homeowners insurance and related tracking services, manufactured housing homeowners insurance, debt protection administration, credit insurance, and warranties and extended service contracts on appliances, consumer electronics, automobiles, recreational vehicles and boats. With executive offices in Atlanta, Ga., Assurant Solutions serves clients and their customers throughout North America, the Caribbean and other selected international locations.

Assurant Solutions is part of Assurant, a premier provider of specialized insurance products and related services in North America and selected other markets. Its four key businesses -- Assurant Employee Benefits, Assurant Health, Assurant Preneed and Assurant Solutions -- have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments in the U.S. and selected international markets.

Assurant, which is traded on the New York Stock Exchange under the symbol AIZ, has over $20 billion in assets and $7 billion in annual revenue. www.assurant.com

Media contact

James A. Sykes
Director, Corporate Communications
Assurant Solutions
260 Interstate N. Circle, SE
Atlanta, Ga. 30339-2111
Telephone: 770.763.1015
FAX: 770.859.4325
E-mail: james.sykes@assurant.com