Assurant Specialty Property, a provider of mortgage insurance and other specialty insurance products and services, has acquired StreetLinks, a provider of real estate appraisal and valuation solutions, from Novation Companies Inc. and other shareholders for approximately $60 million in cash, plus a potential earn-out payment based on future performance.
StreetLinks is one of the largest independent U.S. appraisal management companies and earns more than $140 million in annual-fee income.
‘This acquisition is a natural extension for Assurant Specialty Property,’ says Gene Mergelmeyer, president and CEO of parent company Assurant, in a release. ‘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.’
The transaction is to be completed by the end of the year.
‘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,’ says Tom Hurst, president of StreetLinks. ‘We are thrilled that Assurant has chosen StreetLinks and are honored to be joining the Assurant team.’
Assurant will keep the StreetLinks brand name intact. StreetLinks will continue to be based in Indianapolis, with a center also in Tampa, Fla.