Assurant acquires StreetLinks in $60 million deal
Assurant, Inc. (AIZ), a provider of insurance services, has acquired StreetLinks LLC, one of the country’s largest independent appraisal management companies.
Assurant purchased StreetLinks for approximately $60 million in cash from Novation Companies, Inc. (NOVC) and other shareholders. The deal also includes a potential earnout payment based on future performance. Assurant expects earnings from the transaction to be included in 2015’s earning statement.
“This acquisition is a natural extension for Assurant Specialty Property,” said Assurant 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.”
StreetLinks, which won a HW Tech100 award in March, will retain its brand name and will continue to be based in Indianapolis. The company also has an operations center in Tampa. The company has more than $140 million in annual fee income, according to a release from Assurant.
“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.”