Involuntary Unemployment Insurance Assists Multifamily Housing Residents DALLAS, April 16 /PRNewswire/ -- According to the U.S. Bureau of Labor Statistics, 2.5 million people have lost their jobs during the past four months. One company, Riverstone Residential, is taking action to help multifamily housing residents who may find themselves suddenly unemployed. As the largest privately owned residential property management company in the United States, Riverstone Residential, a CAS Partners company, is offering a new, strategic insurance option, the Pink Slip Protection program, that allows jobless residents to remain in their apartment homes. For less than $10 a month, the Pink Slip Protection program covers a significant portion of a resident's rent for up to two months. (Logo: http://www.newscom.com/cgi-bin/prnh/20090217/LA71659LOGO-a) (Logo: http://www.newscom.com/cgi-bin/prnh/20090217/LA71659LOGO-b) Industry studies show apartment occupancy decreases as unemployment rates increase. To reverse this trend, Riverstone Residential proactively teamed with its clients, including Security Properties, and its insurance partner, Assurant Specialty Property, to develop a solution, the Pink Slip Protection program. The program is aimed at attracting and retaining residents who are nervous about their employment status in today's economy. "As a world-class property and asset management company, we understand the negative consequences felt by residents as a result of losing a job," said Toni Portmann, CAS Partners CEO. "Suddenly being unemployed can lead to worries about paying rent or the need to move when a person really needs to focus on finding a job. By partnering with Security Properties and Assurant Specialty Property, we're able to offer a fresh approach that supports our residents during a very stressful time." The Pink Slip Protection program also generates brand loyalty for the property because it represents the best interests of residents who are more apt to pass along a positive experience to others. Riverstone Residential clients gain another important advantage: if a resident remains in his or her apartment, the property owner's revenue stream continues uninterrupted, resulting in consistent cash flow and revenue generation. Additionally, the likelihood increases that the resident will renew his or her lease, and this can significantly reduce expenses related to filling vacant units. Riverstone Residential is currently working with a number of property owners who want to augment the Pink Slip Protection program by covering portions of the rents that exceed what is covered under the involuntary employment coverage from Assurant Specialty Property. CAS Insurance Services, a CAS Partners company that provides the resident insurance program, will oversee the Pink Slip Protection program to Riverstone Residential clients. About Riverstone Residential Riverstone Residential, a subsidiary of CAS Partners, is the largest privately owned residential management company in the United States. Focused exclusively on the delivery of world-class property and asset management services, the company manages a portfolio of assets valued at more than $25 billion for leading institutions, pension funds, developers and other major owners. Located in metropolitan markets across the nation, properties include high-rise, mid-rise and garden-style communities. The company is headquartered in Dallas, Texas. Additional information is available at http://www.riverstoneres.com/. About CAS Partners CAS Partners is a world-class property and asset management services company. The company's integrated business approach provides clients with a comprehensive array of multifamily real estate business services. CAS Partners' unique network of services includes property management, financial advisory services, insurance services, construction management, utility services, credit services, and purchasing services. For more information, visit CAS Partner's Web site at http://www.caspartners.com/. About Assurant Specialty Property Assurant Specialty Property is part of Assurant, a premier provider of specialized insurance products and related services in North America and selected international markets. Its four key businesses--Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits--have partnered with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments worldwide. Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has over $24 billion in assets and $8 billion in annual revenue. http://www.assurantspecialtyproperty.com/ http://www.assurant.com/ http://www.newscom.com/cgi-bin/prnh/20090217/LA71659LOGO-b http://www.newscom.com/cgi-bin/prnh/20090217/LA71659LOGO-a http://photoarchive.ap.org/ DATASOURCE: Riverstone Residential CONTACT: Linda Jacobson, APR, of Riverstone Residential, +1-214-965-6394, Web Site: http://www.caspartners.com/ http://www.assurantspecialtyproperty.com/ http://www.assurant.com/ http://www.riverstoneres.com/

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