assurant inc (AIZ) Key Developments
Assurant Board of Directors Declares Quarterly Dividend, Payable on December 10, 2013
Nov 15 13
Assurant Inc. announced that its Board of Directors declared a quarterly dividend of $0.25 per share of common stock. The dividend will be payable on Dec. 10, 2013 to stockholders of record as of the close of business on Nov. 25, 2013.
Gilman Law LLP Files Force-Placed Flood Insurance Lawsuit Against M&T Bank Corporation and Assurant, Inc
Nov 14 13
Gilman Law LLP has filed an action against M&T Bank Corporation (M&T), Assurant Inc., and other related defendants on behalf of homeowners who had flood insurance force placed on their property. The case is styled Dobish v. M&T Bank Corp. et al. (No. 1:13-cv-01098-RJA) and was filed on November 5, 2013 in the U.S. District Court for the Western District of New York. According to the complaint, Mr. and Mrs. Dobish, residents of Pennsylvania, took out a home equity line of credit (HELOC) with M&T (Complaint, paras. 20-32). Shortly thereafter, and before the couple had even borrowed any money under the HELOC, M&T notified the couple that their home was in a Special Flood Hazard Area (SFHA) pursuant to National Flood Insurance Program maps. As such, they were required to maintain flood insurance on their home. Mr. and Mrs. Dobish disagreed with M&T, so they submitted evidence obtained from the City of Wilkes-Barre that clearly showed their home was not in a SFHA. M&T did not accept the City's statement, however, and summarily force-placed a backdated flood insurance policy through a subsidiary of Assurant on the couple's home. As a result of M&T's action, Mr. and Mrs. Dobish cancelled their HELOC. After cancellation, M&T refunded the couple the unused portion of their flood insurance premium. Thereafter, the couple presented additional evidence to M&T from the Federal Emergency Management Agency (FEMA) that definitively established that their home was not in a SFHA. M&T, however, refused to issue a refund for the additional flood insurance premium that they had retained. Hence, Mr. and Mrs. Dobish initiated a lawsuit.
Gilman Law LLP Sues Against HSBC Finance Corp. And Assurant, Inc
Nov 13 13
Gilman Law LLP has filed an action against HSBC Finance Corp, Assurant Inc., and other related defendants on behalf of a homeowner who had hazard insurance force placed on her property. The case is styled Blackburn v. HSBC Finance Corp. et al., No. 1:13-mi-99999-UNA, Doc. 2396, and was filed on November 8, 2013 in the U.S. District Court for the Northern District of Georgia -- Atlanta Division. The homeowner, a widow, is a resident of Alabama. She alleges that, among other things, HSBC force placed a hazard policy on her home through a subsidiary of Assurant after her home was destroyed by fire (Complaint, paras. 67-78). Although she was fully insured at the time of the fire through her own insurance, lender HSBC subsequently force placed hazard insurance on what remained of the burned-down home. The widow contends that she was not able to locate an insurer willing to sell her a new hazard policy on the destroyed home until it had been rebuilt. Further, she claims that Assurant remitted kickback commissions to HSBC for allowing Assurant's subsidiary to force-place the hazard policy. The end result -- she alleges that HSBC's business practices have cost her thousands of dollars in unnecessary insurance expenses.
Assurant Mulls Acquisitions
Oct 24 13
Assurant Inc. (NYSE:AIZ) is looking for acquisitions. President and Chief Executive Officer, Rob Pollock “Second, I think historically, we know we have free cash being generated, and we are going to deploy that. And I will let Chris expand on that in just a second. But we want to buy things that help these businesses. And we know that placement rates outside our control will ultimately go down. So yes, we want to do some acquisition. We want to grow organically. And we want to do acquisitions.”
Assurant Inc. Announces Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Provides Earnings Guidance for the Full Year of 2013
Oct 23 13
Assurant Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. Net operating income increased to $131.1 million, or $1.71 per diluted share, compared to third quarter 2012 net operating income of $128.2 million, or $1.55 per diluted share. Strong results at Assurant Specialty Property, primarily due to the absence of reportable catastrophes, offset declines at the other businesses. Net income increased to $128.8 million, or $1.68 per diluted share, compared to third quarter 2012 net income of $126.3 million, or $1.52 per diluted share, driven by Assurant Specialty Property. Net investment income decreased to $159.2 million, compared to third quarter 2012 net investment income of $169.4 million, due to lower investment yields. Pretax earnings declined by $10 million, largely due to less favorable loss experience. Total revenues were $2,258.650 million against $2,145.080 million a year ago period. Income before provision for income taxes was $193.971 million against $208.619 million a year ago period.
For the nine months, the company reported net operating income of $360.4 million compared to $443.9 million a year ago period. Net income was $380.1 million against $458.7 million a year ago period. Total revenues were $6,647.039 million against $6,347.294 million a year ago period. Income before provision for income taxes was $611.162 million against $722.928 million a year ago period. Net income was $380.091 million or $4.84 per diluted share against $458.718 million or $5.30 per diluted share a year ago period. Book value per diluted share, excluding AOCI, increased 8.2% to $58.27 at Sept. 30, 2013 from $53.87 at Dec. 31, 2012. Annualized operating return on average equity (ROE), excluding AOCI, was 11.0% for the first nine months of 2013 compared to full-year operating ROE, excluding AOCI, of 10.4% in 2012.
For the full year of 2013, the company expects corporate operating loss to be $75 million.