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Assurant Employee Benefits to Reinsure Shenandoah Life Insurance Company's Group Benefits Business

KANSAS CITY, Mo., Aug. 17 /PRNewswire/ -- Kansas City based Assurant Employee Benefits, a national carrier of group life, disability and dental coverage, today announces it will reinsure the majority of Shenandoah Life Insurance Company's group insurance business, subject to approval by the State Corporation Commission of the Commonwealth of Virginia.

"This agreement reflects our commitment to growing our business, and I hope it instills confidence in Shenandoah Life brokers and policyholders that we are backing their business," said John Roberts, president and CEO of Assurant Employee Benefits. "As a part of Assurant, Inc., we offer the stability and financial strength of a Fortune 500 company."

Reinsurance is often thought of as "insurance for insurance companies." This agreement indemnifies Shenandoah Life Insurance Company for 100 percent of the covered losses it sustains under its reinsured policies, and is net of any other third party reinsurance agreements. Shenandoah Life Insurance Company will continue to administer the group benefits business.

On February 12, 2009, the State Corporation Commission of the Commonwealth of Virginia was appointed as the Receiver of Shenandoah Life Insurance Company.

About Assurant Employee Benefits

Assurant Employee Benefits specializes in quality employee benefits and services, including long-term and short-term disability, life and accidental death and dismemberment insurance, dental coverage, and disability reinsurance management services. Assurant Employee Benefits also offers voluntary (employee-paid) disability, life, and dental plans. Products and services marketed by Assurant Employee Benefits are underwritten or provided by Union Security Insurance Company or an affiliated prepaid dental company.

In New York, group insurance products and services are marketed by Assurant Employee Benefits and underwritten by Union Security Life Insurance Company of New York, which is licensed in New York and has its principal place of business in Syracuse, New York. Plans contain limitations and exclusions. Underwriting flexibility allows Assurant Employee Benefits to market tailor-made benefit plans for groups of most any size. Assurant Employee Benefits is located in Kansas City, Missouri.

Assurant Employee Benefits is part of Assurant, a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses -- Assurant Solutions; Assurant Specialty Property; Assurant Health; and Assurant Employee Benefits

-- 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.

SOURCE Assurant Employee Benefits
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