A.M. Best Assigns Rating to Assurant, Inc.'s Commercial Paper Program.

Business Editors

OLDWICK, N.J.--(BUSINESS WIRE)--April 6, 2004

A.M. Best Co. has assigned a debt rating of AMB-2 to Assurant, Inc.'s (NYSE: AIZ) (New York) new commercial paper program. The privately-placed program has a capacity of up to $500 million and is 100% backed by a bank line of credit. The rating outlook is stable.

The establishment of a commercial paper program is the final step in creating Assurant's capital structure following its February 5, 2004, initial public offering. The new facility further adds to Assurant's financial flexibility and gives it additional access capital, when and if needed in the future. Also in February 2004, the organization issued approximately $1 billion of senior debt securities. The debt-to-capitalization ratio is well within the range expected for the current senior debt rating of "bbb".

The organization's diversified insurance operations have performed well overall in recent years and have excess capitalization for the current financial strength ratings of either A (Excellent) or A- (Excellent). Furthermore, Assurant's insurance entities can easily support the existing debt servicing obligations of the organization.

Assurant has an established market presence in numerous niche insurance markets through its Assurant Solutions, Assurant Health, Assurant Employee Benefits and Assurant Pre-Need units.

For current Best's Ratings, independent data and analysis on more than 1,050 health companies and more than 130 HMO industry composites, please visit http://www3.ambest.com/health/.

For a list of A.M. Best's debt ratings, please visit http://www3.ambest.com/debtratings/

A.M. Best Co., established in 1899, is the world's oldest and most authoritative insurance rating and information source. For more information, visit A.M. Best's Web site at www.ambest.com.