DOW JONES NEWSWIRES

Specialy insurer Assurant Inc. (AIZ) posted a 14% rise in second-quarter net income as Chief Executive Robert B. Pollock said the firm is "financially well positioned for the opportunities and challenges arising from the changing economic landscape."

The company - which insures a range of things from credit cards to trailer parks - reported net income of $190 million, or $1.59 a share, compared with $ 166.3 million, or $1.36 a share, a year earlier. Operating income, which excludes net realized investment gains or losses, rose to $1.55 a share from $ 1.37.

Revenue rose 8.9% to $2.25 billion.

Analysts polled by Thomson Reuters had expected earnings of $1.63 a share on revenue of $2.26 billion.

Net earned premiums rose 11%, driven by growth in Assurant Specialty Property and Assurant Solutions. Through those businesses, the firm offers such products as credit and home insurance and extended warranties for electronics, appliances and vehicles. Assurant Specialty's profit soared 45% on a 36% rise in net earned premiums amid growth in creditor-placed homeowners insurance.

Since last summer, Assurant has been part of an ongoing Securities and Exchange Commission investigation over finite reinsurance contracts. The company placed President Pollock and four other executives on leave after it received a Wells notice. The board reinstated Pollock in January.

Assurant shares closed at $64.52 and didn't trade in the premarket.

-By Mike Barris, Dow Jones Newswires; 201-938-5658; mike.barris@dowjones.com

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  07-31-08 0716ET
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