Assurant raises dividend 17 percent

Assurant Inc. hiked its dividend 17 percent on Friday, saying its business is generating enough cash to justify a higher dividend.

The specialty insurer will pay a dividend of 14 cents on June 10 to shareholders on May 27. The previous dividend was 12 cents.

At 56 cents, the insurer's annual dividend represents a yield of 0.84 percent. The previous dividend yield was 0.72 percent.

"This latest dividend increase is further evidence of our solid capital position," Chief Executive Robert B. Pollock said in a statement.