Assurant Specialty Property Acquires Field Asset Services For $55 Mln In Cash

(RTTNews) - Assurant Inc. (AIZ), a premier provider of specialty insurance and services, announced that Assurant Specialty Property has acquired Field Asset Services from FirstService Corporation in a cash transaction for $55 million. The transaction was closed Monday. Assurant expects the transaction to be modestly accretive to earnings in 2014.

The company stated that about 300 employees of Field Asset Services, along with employees of Assurant Property Advantage, will be part of a newly formed business, Assurant Field Asset Services, which will be based in Austin, Texas. All client services will continue as scheduled as the companies join forces.