Assurant (AIZ) will raise its quarterly dividend by 7.1 percent $0.60 per share in the fourth quarter of 2018. This follows a 3 cent dividend hike to 57 cents quarterly last year by the provider of risk management solutions.

The first dividend at the new quarterly rate  will be payable on December 17, 2018 to Assurant stockholders of record as of the close of business on November 26, 2018. Assurant has now raised its dividend for 14 consecutive years.

A new annualized dividend of $2.40 per share yields 2.3% at a stock price of $104.78 for Assurant.

“Increasing our common stock dividend once again demonstrates our commitment to disciplined capital management,” said Alan Colberg, president and chief executive officer, Assurant. “With the acquisition of The Warranty Group, we have added a diversified and more predictable earnings stream that enhances our ability to generate cash flow, and as appropriate, return it to shareholders.”

Assurant, Inc. is a provider of risk management solutions in the housing and lifestyle markets, protecting where people live and the goods they buy. The company operates in North America, Latin America, Europe and Asia Pacific through three operating segments: Global Housing, Global Lifestyle and Global Preneed. Assurant, Inc. was incorporated as a Delaware corporation in 2004 and has paid a dividend every year since the company went public.