Specialty insurer Assurant said Monday that it has purchased Safeco's Financial Institution Solutions, a homeowners insurance subsidiary, for an undisclosed amount.

The subsidiary, which insures homes for mortgage lenders, has $140 million in annual revenue, which comprises fees and insurance premiums.

The unit has about 600 employees in Santa Ana and Tustin, Calif., and Indianapolis, who will now work for Assurant, said Safeco spokesman Paul Hollie.

Safeco shares closed up 8 cents at $51.98 on the Nasdaq.

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