Walter Investment Management Corp. has agreed to sell Green Tree Insurance Agency to a wholly owned subsidiary of insurance company Assurant.

Assurant agreed to pay $125 million in cash with a potential earn-out of up to $25 million based on the gross written premium of certain voluntary homeowners' insurance written by certain affiliates of Assurant over a specified timeframe. Following the deal, Green Tree will operate as an indirect, wholly owned subsidiary of Assurant.

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