assurant inc (AIZ) Key Developments
Assurant Concludes Review Of Strategic Alternatives
Jun 10 15
Assurant Inc. (NYSE:AIZ) has concluded a comprehensive review of strategic alternatives for its health business and will exit the health insurance market as the Company sharpens its focus on housing and lifestyle specialty protection offerings. To maximize shareholder value, Assurant will immediately begin to wind down its major medical operations and has reached an agreement in principle to sell certain business lines and assets to National General Holdings Corp., subject to final documentation and regulatory approval. Assurant expects to substantially complete its exit of the health insurance market by the end of 2016. "Our decision to exit the health insurance market enables us to sharpen our focus on the housing and lifestyle markets, where we see the greatest opportunity for profitable growth. After a thorough review of alternatives for our health business, we believe the actions announced today allow us to uphold our commitments to policyholders while freeing up resources in 2016 to support our capital management strategy", Alan B. Colberg, Chief Executive Officer and President of Assurant, said. "We remain strongly committed to ensuring a smooth and orderly transition for our customers, agents and employees."
Assurant Declares Quarterly Dividend Payable on June 9, 2015
May 8 15
Assurant Inc. announced that its Board of Directors declared a quarterly dividend of $0.30 per share of common stock. This represents an 11% increase above the prior quarterly dividend of $0.27 per share, declared on Jan. 9, 2015. The dividend will be payable on June 9, 2015 to stockholders of record as of the close of business on May 26, 2015.
Assurant, Inc. Reports Consolidated Unaudited Earnings Results for First Quarter Ended March 31, 2015
May 5 15
Assurant Inc. reported consolidated unaudited earnings results for first quarter ended March 31, 2015. For the quarter, the company reported total net revenues of $2,598,610,000 compared with $2,448,372,000 for the same period last year. Income before provision for income taxes was $83,193,000 compared with income before income taxes of $235,253,000 for the same period last year. Net income was $50,044,000 or $0.71 diluted per share compared with net income of $137,245,000 or $1.86 diluted per share for the same period last year. Net operating income was $44.8 million compared with $124.4 million for the same period last year. The company said the higher operating loss resulted primarily from higher-than-expected losses on Affordable Care Act (ACA) policies at Assurant Health.
Assurant Seeks Acquisitions
May 5 15
Assurant Inc. (NYSE:AIZ) is looking for acquisitions. Assurant states, "Capital to be deployed on share repurchases, common stock dividends, investments in the business and strategic acquisitions, subject to market conditions and legal requirements."
Assurant Seeks To Sell Assurant Employee Benefits
May 1 15
Assurant Inc. (NYSE:AIZ) plans to sell Union Security Insurance Company, Inc. (Assurant Employee Benefits). Assurant intends to shift focus to niche housing and lifestyle insurance products. Assurant said that it plans to "substantially complete its exit from the health insurance market in 2016," even if it can't sell the two units. It will continue business as usual with the employee benefits unit if it isn't sold, a spokeswoman said.