Assurant Raises Quarterly Dividend To 15 Cents

NEW YORK (AP) — Specialty insurance provider Assurant Inc. said Friday it was raising its quarterly dividend by a penny to 15 cents.

The hike is a 7 percent increase from the previous dividend of 14 cents per share. The dividend will be payable June 9 to stockholders of record as of May 26.

Robert B. Pollock, Assurant's president and chief executive officer, said in a statement the increase reflects the New York-based company's strong capital position and ability to generate cash flows through its diversified portfolio of specialty insurance businesses.

Shares of Assurant fell 20 cents to $23.03 Friday morning.