NU Online News Service, Feb. 12, 2004, 11:14 a.m. EST – The U.S. company that was just spun off from Fortis, Brussels, has a diverse but volatile mix of business.[@@]
Analysts at Moody’s Investors Service, New York, give that assessment in a comment on the firm’s decision to assign a Baa2 rating to the senior unsecured debt of the newly independent Assurant Inc., New York.
Fortis raised about $2 billion for itself last week by selling 65% of its stake in the Assurant operations through an initial public offering. Fortis kept the proceeds from the Assurant IPO to fund its operations in Europe and elsewhere.
Assurant includes property-casualty insurance and credit insurance businesses along with the Fortis Health and Fortis Benefits businesses.