A securities analyst is upgrading Assurant stock because he sees less downward pressure on lender-placed premium rates than originally feared due to state and federal regulatory actions.
Specifically, John Nadel of Sterne Agee & Leach in New York is upgrading Assurant to neutral from underperform because Florida, in a rate action dealing with QBE–a main Assurant competitor in the market–is ordering more flexible rate reductions than California and New York for the industry.
However, Nadel says if New York is successful in pushing other states for premium reductions similar to those mandated for Assurant by New York, "it would be extremely significant," and his concerns about major declines in profits and revenues from force-placed insurance to return.
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