Moody's cuts Assurant

Moody's Investors Service said it lowered the senior debt ratings of Assurant Inc. to Baa2 from Baa1, and the insurance financial strength ratings of the group's primary life insurance operating subsidiaries to A3 from A2. Moody's also said it affirmed the A2 ratings of Assurant's primary property and casualty subsidiaries.

The outlook is stable.

The downgrades reflect the high level of uncertainty surrounding the long-term viability of several of the company's core insurance products, Moody's said, as the health insurance marketplace changes over the next few years.

The agency said it expects heightened operational risk, and also believes that earnings diversification will likely decline for the consolidated enterprise given challenges in the health segment, which accounts for about a quarter of total revenue.

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