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AIZ

Assurant

$110.47

0.46 (0.42%)

16:17
07/08/19
07/08
16:17
07/08/19
16:17

Assurant finalizes 2019 property catastrophe reinsurance program

Assurant announced it has finalized its 2019 property catastrophe reinsurance program, reducing the company's financial exposure and protecting more than 3 million homeowners and renters policyholders against severe weather and other hazards. U.S. Program provides $1.16 billion of coverage in excess of a $80 million retention per-event with a projected probable maximum loss of approximately a 1-in-173-year storm, based on projected modeled loss estimates. When combined with the Florida Hurricane Catastrophe Fund, the program is covered for gross Florida losses of up to $1.4 billion. Multiyear reinsurance contracts cover approximately 35 percent of reinsurance layers. All layers of the program allow for one automatic reinstatement, except Layer 1 which has two reinstatements, and include a cascading feature that provides multi-event protection in which higher coverage layers drop down to $120 million as the lower layers and reinstatement limit are exhausted. 2019 reinsurance premiums for this program are estimated to be approximately $165 million pre-tax reflecting the significant decrease in catastrophe per-event retention and modest growth in exposure. "We are pleased to complete our 2019 catastrophe reinsurance program, which this year includes a significant reduction of our per-event retention to $80 million, as we look to lower our catastrophe exposure and produce more predictable earnings and cash flow," said Assurant President and Chief Executive Officer Alan Colberg.

AIZ Assurant
$110.47

0.46 (0.42%)

07/16/18
KBWI
07/16/18
INITIATION
Target $121
KBWI
Outperform
Assurant initiated with an Outperform at Keefe Bruyette
Keefe Bruyette analyst Christopher Campbell started Assurant with an Outperform rating and $121 price target. The analyst sees share upside from the company's "solid" operating return on equity, better-than-peer dividend yield and increasing higher-multiple fee-based income.
09/07/18
UBSW
09/07/18
NO CHANGE
Target $136
UBSW
Buy
Assurant price target raised to $136 from $118 at UBS
UBS analyst John Nadel raised his price target on Assurant to $136 from $118 despite lowering earnings estimates for 2018-2020. The analyst believes he factored in too large a contribution from the Warranty Group acquisition. He continues to view the risk/reward as very attractive with a 32% upside potential to his revised target. Nadel reiterated his Buy rating on Assurant shares.
03/15/19
UBSW
03/15/19
NO CHANGE
Target $124
UBSW
Buy
Assurant price target lowered to $124 from $131 at UBS
UBS analyst John Nadel lowered his price target on Assurant to $124 after its Investor Day presentation, saying its outlook indicates that his prior assumptions for the company were "too aggressive". The analyst cites Assurant's affirmed earnings growth forecast of 6%-10% for FY19 and 12% in FY20-FY21, while he assumed 16% growth. Nadel also points to the company's shortfall that included lower cumulative buybacks and higher corporate loss but keeps his Buy rating on Assurant.
05/21/19
UBSW
05/21/19
NO CHANGE
Target $133
UBSW
Buy
Assurant price target raised to $133 from $124 at UBS
UBS analyst John Nadel raised his price target on Assurant to $133 and kept his Buy rating after meeting with its CEO and CFO, saying the stock is positioned for "significant upside" given the business mix shift toward "fee-based, capital light businesses vs. insurance." The analyst also notes that Assurant's current valuation at 10-times forward earnings "significantly undervalues" its business mix components, including Housing with its 17%-20% ROE and Lifestile that is growing its earnings by double digits.

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