Union Security Insurance 10-Q 2005 Q3 Quarterly report

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2005

OR

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                              to                             

Commission file number 033-37576

UNION SECURITY INSURANCE COMPANY

(Exact name of registrant as specified in its charter)

IOWA	81-0170040
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

729 INSURANCE EXCHANGE BUILDING DES MOINES, IOWA	50309
(Address of Principal Executive Offices)	(Zip Code)

     Registrant’s telephone number, including area code:(651) 361-4000

FORTIS BENEFITS INSURANCE COMPANY

(Former name, former address and former fiscal year, if changed since last report)

     Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesþ Noo

     Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-2).

Yeso Noþ

     Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso Noþ

     As of November 1, 2005, there were 1,000,000 shares of common stock of the registrant outstanding, all of which are owned by Assurant, Inc.

THE REGISTRANT MEETS THE CONDITIONS SET FORTH IN GENERAL INSTRUCTIONS H(1)(a) AND (b) OF FORM 10-Q AND IS FILING THIS FORM WITH THE REDUCED DISCLOSURE FORMAT.

UNION SECURITY INSURANCE COMPANY
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2005

TABLE OF CONTENTS

Item		Page
Number		Number
PART I
FINANCIAL INFORMATION
1.	FINANCIAL STATEMENTS		2
	Union Security Insurance Company Consolidated Balance Sheets at September 30, 2005 (Unaudited) and December 31, 2004		2
	Union Security Insurance Company Consolidated Statements of Operations for the three and nine months ended September 30, 2005 and 2004 (Unaudited)		4
	Union Security Insurance Company Consolidated Statement of Changes in Stockholder’s Equity from December 31, 2004 to September 30, 2005 (Unaudited)		5
	Union Security Insurance Company Consolidated Statements of Cash Flows for the nine months ended September 30, 2005 and 2004 (Unaudited)		6
	Union Security Insurance Company Notes to the Consolidated Financial Statements for the nine months ended September 30, 2005 and 2004 (Unaudited)		7
2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS		10
3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK *		12
4.	CONTROLS AND PROCEDURES		12
PART II
OTHER INFORMATION
2.	UNREGISTERED SALE OF EQUITY SECURITIES AND USE OF PROCEEDS*		13
3.	DEFAULTS UPON SENIOR SECURITIES *		13
4.	SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS *		13
5.	OTHER INFORMATION		13
6.	EXHIBITS		13
SIGNATURES			14
EX-31.1: CERTIFICATION
EX-31.2: CERTIFICATION
EX-32.1: CERTIFICATION
EX-32.2: CERTIFICATION

* Not required under reduced disclosure pursuant to General Instruction H(1) (a) and (b) of Form 10-Q

Item 1. FINANCIAL STATEMENTS

Union Security Insurance Company
Consolidated Balance Sheets
At September 30, 2005 (Unaudited) and December 31, 2004

	September 30,		December 31,
	2005		2004
	(in thousands except number of shares)
Assets
Investments:
Fixed maturities available for sale, at fair value (amortized cost — $3,360,106 in 2005 and $3,298,900 in 2004)	$	3,554,276	$	3,543,790
Equity securities available for sale, at fair value (cost — $317,498 in 2005 and $295,021 in 2004)		321,406		305,448
Commercial mortgage loans on real estate at amortized cost		720,419		695,921
Policy loans		9,842		9,956
Short-term investments		41,479		47,989
Collateral held under securities lending		313,759		332,276
Other investments		54,571		49,020
Total investments		5,015,752		4,984,400
Cash and cash equivalents		23,947		43,362
Premiums and accounts receivable, net		90,335		78,669
Reinsurance recoverables		1,249,759		1,238,111
Due from affiliates		—		5,967
Accrued investment income		56,915		51,933
Deferred acquisition costs		124,608		116,060
Property and equipment, at cost less accumulated depreciation		1,170		1,507
Deferred income taxes, net		23,855		20,515
Goodwill		156,383		156,104
Value of business acquired		35,335		39,413
Other assets		35,065		38,708
Assets held in separate accounts		3,227,374		3,435,089
Total assets	$	10,040,498	$	10,209,838

See the accompanying notes to the consolidated financial statements

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Union Security Insurance Company
Consolidated Balance Sheets
At September 30, 2005 (Unaudited) and December 31, 2004

	September 30,		December 31,
	2005		2004
	(in thousands except number of shares)
Liabilities
Future policy benefits and expenses	$	3,129,125	$	3,028,030
Unearned premiums		43,721		46,228
Claims and benefits payable		1,931,139		1,884,608
Commissions payable		20,427		19,721
Reinsurance balances payable		4,474		6,727
Funds held under reinsurance		94		93
Deferred gain on disposal of businesses		180,074		206,182
Obligation under securities lending		313,759		332,276
Accounts payable and other liabilities		135,758		159,798
Tax payable		22,486		7,987
Liabilities related to separate accounts		3,227,374		3,435,089
Total liabilities		9,008,431		9,126,739
Stockholder’s equity
Common stock, par value $5 per share, 1,000,000 shares authorized, issued, and outstanding		5,000		5,000
Additional paid-in capital		516,570		516,570
Retained earnings		375,219		388,854
Accumulated other comprehensive income		135,278		172,675
Total stockholder’s equity		1,032,067		1,083,099
Total liabilities and stockholder’s equity	$	10,040,498	$	10,209,838

See the accompanying notes to the consolidated financial statements

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Union Security Insurance Company
Consolidated Statements of Operations (Unaudited)
Three and Nine Months Ended September 30, 2005 and 2004

	Three Months Ended
	September 30,				Nine Months Ended September 30,
	2005		2004		2005		2004
	(in thousands)
Revenues
Net earned premiums and other considerations	$	416,894	$	426,506	$	1,301,615	$	1,297,531
Net investment income		73,694		67,804		221,871		204,980
Net realized gains on investments		822		516		612		4,096
Amortization of deferred gain on disposal of businesses		8,663		10,929		26,107		32,539
Fees and other income		3,588		1,937		7,992		8,681
Total revenues		503,661		507,692		1,558,197		1,547,827
Benefits, losses and expenses
Policyholder benefits		304,101		316,646		996,561		1,002,142
Amortization of deferred acquisition costs and value of business acquired		21,577		19,388		60,699		54,617
Underwriting, general and administrative expenses		117,823		124,485		356,037		363,220
Total benefits, losses and expenses		443,501		460,519		1,413,297		1,419,979
Income before income taxes		60,160		47,173		144,900		127,848
Income taxes		20,864		16,568		48,535		44,112
Net income	$	39,296	$	30,605	$	96,365	$	83,736

See the accompanying notes to the consolidated financial statements

4

Union Security Insurance Company
Consolidated Statement of Changes in Stockholder’s Equity
From December 31, 2004 to September 30, 2005 (Unaudited)

								Accumulated Other
			Additional Paid-in					Comprehensive
	Common Stock		Capital		Retained Earnings			Income (Loss)			Total
	(in thousands)
Balance, December 31, 2004	$	5,000	$	516,570	$	388,854		$	172,675		$	1,083,099
Dividends		—		—		(110,000	)		—			(110,000	)
Comprehensive income:
Net income		—		—		96,365			—			96,365
Other comprehensive income:
Net change in unrealized gains on securities		—		—		—			(37,211	)		(37,211	)
Foreign currency translation		—		—		—			(186	)		(186	)
Total other comprehensive income		—		—		—			—			(37,397	)
Total comprehensive income		—		—		—			—			58,968
Balance, September 30, 2005	$	5,000	$	516,570	$	375,219		$	135,278		$	1,032,067

See the accompanying notes to the consolidated financial statements

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Union Security Insurance Company
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, 2005 and 2004

	Nine Months Ended September 30,
	2005			2004
	(in thousands)
Net cash provided by operating activities	$	190,271		$	167,282
Investing activities
Sales of:
Fixed maturities available for sale		264,159			543,473
Equity securities available for sale		31,082			32,922
Other invested assets		13,694			7,930
Maturities, prepayments, and scheduled redemption of:
Fixed maturities available for sale		172,210			132,266
Purchase of:
Fixed maturities available for sale		(493,739	)		(684,598	)
Equity securities available for sale		(51,027	)		(87,902	)
Other invested assets		(19,245	)		(20,307	)
Property and equipment		(5	)		—
Change in commercial mortgage loans on real estate		(23,485	)		(62,987	)
Change in short term investments		6,509			8,598
Change in collateral held under securities lending		18,517			40,808
Change in policy loans		161			—
Net cash (used in) investing activities	$	(81,169	)	$	(89,797	)
Financing activities
Dividends paid		(110,000	)		(50,000	)
Change in obligation under securities lending		(18,517	)		(40,808	)
Net cash (used in) financing activities		(128,517	)		(90,808	)
Change in cash and cash equivalents		(19,415	)		(13,323	)
Cash and cash equivalents at beginning of period		43,362			29,176
Cash and cash equivalents at end of period	$	23,947		$	15,853

See the accompanying notes to the consolidated financial statements

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Union Security Insurance Company
Notes to the Consolidated Financial Statements
Nine Months Ended September 30, 2005 and 2004 (Unaudited)

1. Nature of Operations

Union Security Insurance Company (the “Company”), formerly known as Fortis Benefits Insurance Company, is a provider of life and health insurance products. The Company is an indirect wholly owned subsidiary of Assurant, Inc. (the “Parent”). Assurant, Inc. is traded on the New York Stock Exchange under the symbol AIZ.

The Company was redomesticated to Iowa from Minnesota in 2004. The Company distributes its products in all states except New York. The Company’s revenues are derived principally from group employee benefits products and from individual and group health and preneed products. The Company offers insurance products, including life insurance policies, annuity contracts, and group life, accident and health insurance policies.

Effective September 6, 2005, the Company changed its name from Fortis Benefits Insurance Company in conjunction with the Parent’s initial public offering on February 5, 2004.

2. Basis of Presentation

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates when recording transactions resulting from business operations based on information currently available. The most significant items on the Company’s balance sheet that involve accounting estimates and actuarial determinations are the value of business acquired (“VOBA”), goodwill, reinsurance recoverables, valuation of investments, deferred acquisition costs (“DAC”), liabilities for future policy benefits and expenses, taxes, and claims and benefits payable. The accounting estimates and actuarial determinations are sensitive to market conditions, investment yields, mortality, morbidity, commissions and other acquisition expenses, and terminations by policyholders. As additional information becomes available or actual amounts are determinable, the recorded estimates will be revised and reflected in operating results. Although some variability is inherent in these estimates, the Company believes the amounts provided are reasonable and adequate.

Dollar amounts are presented in U.S. dollars and all amounts are in thousands except for number of shares.

The consolidated financial statements include the accounts of the Company and all of its wholly owned subsidiaries. All significant inter-company transactions and balances are eliminated in consolidation.

3. Recently Adopted Accounting Pronouncements

In June 2005, the FASB issued Statement of Financial Accounting Standards No. 154,Accounting Changes and Error Corrections, a replacement of APB Opinion No. 20, Accounting Changes, and Statement No. 3, Reporting Accounting Changes in Interim Financial Statements”(“FAS 154’’). FAS 154 changes the accounting and reporting of a change in accounting principle. Prior to FAS 154, the majority of voluntary changes in accounting principles were required to be recognized as a cumulative effect adjustment within net income during the period of the change. FAS 154 requires retrospective application to prior period financial statements unless it is

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impracticable to determine either the period-specific effects or the cumulative effect of the change. FAS 154 is effective for accounting changes made in fiscal years beginning after December 15, 2005 but does not change the transition provisions of any existing accounting pronouncements. The Company does not believe the adoption of FAS 154 will have a material effect on our consolidated financial position or results of operations.

4. Retirement and Other Employee Benefits

The Parent sponsors a defined benefit pension plan and certain other post retirement benefits covering employees and certain agents who meet eligibility requirements as to age and length of service. Plan assets of the defined benefit plans are not specifically identified by each participating subsidiary. Therefore, a breakdown of plan assets is not reflected in these financial statements. The Company has no legal obligation for benefits under these plans. The benefits are based on years of service and career compensation. Assurant’s pension plan funding policy is to contribute amounts to the plan sufficient to meet the minimum funding requirements set forth in the Employee Retirement Income Security Act of 1974, plus additional amounts as Assurant may determine to be appropriate from time to time up to the maximum permitted, and to charge each subsidiary an allocable amount based on its employee census. Pension cost allocated to the Company amounted to approximately $5,917 and $5,239 for the nine months ended September 30, 2005 and 2004, respectively.

The Company participates in a contributory profit sharing plan, sponsored our Parent, covering employees and certain agents who meet eligibility requirements as to age and length of service. Benefits are payable to participants on retirement or disability and to the beneficiaries of participants in the event of death. For employees hired on or before December 31, 2000, the first 3% of an employee’s contribution is matched 200% by the Company. The second 2% is matched 50% by the Company. For employees hired after December 31, 2000, the first 3% of an employee’s contribution is matched 100% by the Company. The second 2% is matched 50% by the Company. The amount expensed was approximately $4,219 and $4,183 for the nine months ended September 30, 2005 and 2004, respectively.

With respect to retirement benefits, the Company participates in other health care and life insurance benefit plans (postretirement benefits) for retired employees, sponsored by the Parent. Health care benefits, either through the Parent’s retiree plan for retirees under age 65 or through a cost offset for individually purchased Medigap policies for retirees over age 65, are available to employees who retire on or after January 1, 1993, at age 55 or older, with 10 years or more service. Life insurance, on a retiree pay all basis, is available to those who retire on or after January 1, 1993.

5. Commitments and Contingencies

The Company is regularly involved in litigation in the ordinary course of business, both as a defendant and as a plaintiff. The Company may from time to time be subject to a variety of legal and regulatory actions relating to the Company’s current and past business operations. While the Company cannot predict the outcome of any pending or future litigation, examination or investigation, the Company does not believe that any pending matter will have a material adverse effect on the Company’s financial condition or results of operations.

The Company’s Parent has been part of industry-wide investigations into certain loss mitigation products and finite risk insurance. The Parent has previously received subpoenas for information from the United States Securities and Exchange Commission and the United States Attorney for

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the Southern District of New York. A disclosure of these investigations is provided in the Parent’s Quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2005.

6. Subsequent Event

On November 9, 2005, the Company signed an agreement with Forethought Life Insurance Company (“Forethought”) whereby the Company will discontinue writing new preneed insurance policies in the United States via independent funeral homes and independent funeral home chains. The Company distributes preneed products through two distribution channels: Independent — United States and Independent — Canada, which distribute through independent funeral homes and selected third party general agencies. As part of the agreement, the Company’s Independent — United States account executives will partner with Forethought to transition the Company’s future Independent — United States funeral home sales customers to Forethought’s preneed products. The Company will receive payments from Forethought over the next ten years based on the amount of business the Company transitions to Forethought. This agreement does not impact the Company’s Independent — Canada distribution channel. The Company has not completed its assessment of the effect this agreement may have on the Company’s consolidated financial position or results of operations or the remaining goodwill balance held by the Company at the time of this filing.

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PART I
FINANCIAL INFORMATION

Item 2.Management’s Discussion And Analysis Of Financial Condition And Results Of Operations.

(Dollar amounts in thousands except share data.)

     Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) addresses the financial condition of Union Security Insurance Company and its subsidiaries (collectively, USIC or the Company) as of September 30, 2005, compared with December 31, 2004, and its results of operations for the three and nine months ended September 30, 2005, compared with the equivalent 2004 periods. This discussion should be read in conjunction with USIC’s MD&A and annual audited financial statements as of December 31, 2004 included in the Company’s Form 10-K for the year ended December 31, 2004 filed with the U.S. Securities and Exchange Commission (hereafter referred to as the Company’s 2004 Form 10-K) and unaudited consolidated financial statements and related notes included elsewhere in this Form 10-Q.

     Some of the statements in this MD&A and elsewhere in this report may contain forward-looking statements that reflect our current views with respect to, among other things, future events and financial performance. You can identify these forward-looking statements by the use of forward-looking words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of those words or other comparable words. Any forward-looking statements contained in this report are based upon our historical performance and on current plans, estimates and expectations. The inclusion of this forward-looking information should not be regarded as a representation by us or any other person that the future plans, estimates or expectations contemplated by us will be achieved. Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in this report. If one or more of these or other risks or uncertainties materialize, or if our underlying assumptions prove to be incorrect, actual results may vary materially from what we projected. Any forward-looking statements you read in this report reflect our current views with respect to future events and are subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, financial condition, growth strategy and liquidity.

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     The tables below present information regarding our consolidated results of operations:

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	2005		2004		2005		2004
	(in thousands)				(in thousands)
Revenues:
Net earned premiums and other considerations	$	416,894	$	426,506	$	1,301,615	$	1,297,531
Net investment income		73,694		67,804		221,871		204,980
Net realized gains on investments		822		516		612		4,096
Amortization of deferred gains on disposal of businesses		8,663		10,929		26,107		32,539
Fees and other income		3,588		1,937		7,992		8,681
Total revenues		503,661		507,692		1,558,197		1,547,827
Benefits, losses and expenses:
Policyholder benefits		304,101		316,646		996,561		1,002,142
Selling, underwriting and general expenses(1)		139,400		143,873		416,736		417,837
Total benefits, losses and expenses		443,501		460,519		1,413,297		1,419,979
Income before income taxes		60,160		47,173		144,900		127,848
Income taxes		20,864		16,568		48,535		44,112
Net income	$	39,296	$	30,605	$	96,365	$	83,736

(1) Includes amortization of deferred acquisition costs and value of business acquired and underwriting, general and administrative expenses.

For The Three Months Ended September 30, 2005 Compared to The Three Months Ended September 30, 2004.

Net Income

     Net income increased by $8,691, or 28%, to $39,296 for the three months ended September 30, 2005 from $30,605 for the three months ended September 30, 2004. The increase in net income was primarily due to an increase in net investment income of $5,890, a decrease in selling, underwriting, and general expenses of $4,473, and an increase in fees and other income of $1,651.

Total Revenues

     Total revenues decreased by $4,031, or 1%, to $503,661 for the three months ended September 30, 2005 from $507,692 for the three months ended September 30, 2004. Net earned premiums and other considerations decreased by $9,612 primarily due to a decline in health premiums in our small employer group health business driven by a decline in members, and a decline in sales in our dental business. These decreases were partially offset by growth in our disability business written through alternate distribution sources. Amortization of deferred gains on disposal of businesses decreased by $2,266 consistent with the anticipated run-off of business ceded to The Hartford in 2001 and John Hancock in 2000. Offsetting these decreases was an increase in net investment income of $5,890 due to an increase in invested assets and investment income of $2,560 recognized from a real estate partnership.

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Total Benefits, Losses and Expenses

     Total benefits, losses and expenses decreased by $17,018, or 4%, to $443,501 for the three months ended September 30, 2005 from $460,519 for the three months ended September 30, 2004. The decrease was primarily due to a decrease in policyholder benefits of $12,545 driven by favorable group life mortality, and an overall decline in members and favorable claims experience in our small employer group health business. Also contributing to the decrease in expenses were lower selling, underwriting and general expenses of $4,473 primarily due to a decline in first year business in 2005 compared to 2004, resulting in decreased commission expense in our individual markets and small employer group health businesses, and our preneed life business.

For The Nine Months Ended September 30, 2005 Compared to The Nine Months Ended September 30, 2004.

Net Income

     Net income increased by $12,629, or 15%, to $96,365 for the nine months ended September 30, 2005 from $83,736 for the nine months ended September 30, 2004. The increase in net income was primarily due to higher net investment income of $16,891, a decrease in policyholder benefits of $5,581, and an increase in net earned premiums and other considerations of $4,084, partially offset by a decrease in amortization of deferred gains on disposal of businesses of $6,432.

Total Revenues

     Total revenues increased by $10,370, or 1%, to $1,558,197 for the nine months ended September 30, 2005 from $1,547,827 for the nine months ended September 30, 2004. Net earned premiums and other considerations increased by $4,084 primarily due to growth in disability business written through alternate distribution sources, including an increase of $13,625 for single premiums related to risk for closed blocks of business, as well as increased sales in our group disability products. These increases were partially offset by lower health premiums in our small employer group health business primarily due to a decline in members, and a decline in our preneed life policy sales. Net investment income increased by $16,891 due to an increase in average invested assets and investment income of $11,969 from real estate partnerships. Amortization of deferred gains on disposal of businesses decreased by $6,432 consistent with the anticipated run-off of the business ceded to The Hartford in 2001 and John Hancock in 2000.

Total Benefits, Losses and Expenses

     Total benefits, losses and expenses decreased by $6,682 to $1,413,297 for the nine months ended September 30, 2005 from $1,419,979 for the nine months ended September 30, 2004. The decrease was primarily due to a decrease in policyholder benefits of $5,581 driven by favorable group life mortality, an overall decline in members and favorable claims experience in our small employer group health business, and lower dental and preneed life policy benefits due to a decline in sales.

Item 3.Quantitative And Qualitative Disclosures About Market Risk.

     Not required under the reduced disclosure format.

Item 4.Controls And Procedures.

     Under the supervision and with the participation of our Chief Executive Officer and our Chief Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as of September 30, 2005. Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of that date in providing a reasonable level of assurance that information we are required to disclose in reports we file or furnish under

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     the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods in SEC rules and forms. Further, our disclosure controls and procedures were effective in providing a reasonable level of assurance that information required to be disclosed by us in such reports is accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

PART II
OTHER INFORMATION

Item 2.Unregistered Sale of Equity Securities and Use of Proceeds.

     Not required under the reduced disclosure format.

Item 3.Defaults Upon Senior Securities.

     Not required under the reduced disclosure format.

Item 4.Submission of Matters to a Vote of Security Holders.

     Not required under the reduced disclosure format.

Item 5.Other Information.

(a)	None.
(b)	Because all of the Company’s outstanding common stock is held indirectly by Assurant, Inc., the Company does not file a Schedule 14A and has not adopted any procedures by which security holders may recommend nominees to the registrant’s board of directors.

Item 6.Exhibits

     The following exhibits either (a) are filed with this report or (b) have previously been filed with the SEC and are incorporated herein by reference to those prior filings. Exhibits are available upon request at the investor relations section of our website, located at www.assurant.com.

31.1	Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer.
31.2	Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer.
32.1	Certification of Chief Executive Officer of Union Security Insurance Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2	Certification of Chief Financial Officer of Union Security Insurance Company pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURES

     Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on November 14, 2005.

UNION SECURITY INSURANCE COMPANY
By:	/s/ P. Bruce Camacho
	Name:	P. Bruce Camacho
	Title:	President and Chief Executive Officer
By:	/s/ Ranell M. Jacobson
	Name:	Ranell M. Jacobson
	Title:	Treasurer

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