Assurant has announced its acquisition of Field Asset Services, significantly expanding its presence in the property preservation, inspection, and restoration industry.

The acquisition broadens the field services business launched in 2011 by Assurant Specialty Property as Assurant Property Advantage. Both businesses aim to help mortgage lenders, servicers, and other firms preserve the value of properties in their portfolios.

“This acquisition leverages Assurant’s resources and relationships with lending institutions, and builds on Field Asset Services’ strong operating platform and vendor network,” said Gene Mergelmeyer, president and CEO of Assurant Specialty Property. “Together, as leaders in the property preservation industry, we will play an increasing role in maintaining healthy, stable neighborhoods in communities nationwide.”

Assurant acquired Field Asset Services in a cash purchase for $55 million on Monday. The 300 employees of Field Asset Services will join the employees of Assurant Property Advantage to form a new business, Assurant Field Asset Services, which will be based in Austin, Texas.