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    Assurant Inc (AIZ)

    Board Change

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    Assurant, Inc. is a leading global business services company that operates through two main segments: Global Lifestyle and Global Housing. The company provides a range of solutions including mobile device services, extended service contracts, and insurance products for consumer electronics, appliances, and vehicles . Additionally, Assurant offers various insurance products for homeowners, renters, and manufactured housing . The Global Lifestyle segment is the larger contributor to Assurant's revenue compared to the Global Housing segment .

    1. Global Lifestyle - Offers mobile device solutions, extended service contracts, and related services for consumer electronics and appliances, as well as credit and other insurance products.
      • Connected Living - Provides mobile device solutions and extended service contracts for consumer electronics and appliances.
      • Global Automotive - Offers vehicle protection services and other related services.
    2. Global Housing - Provides lender-placed homeowners, manufactured housing, and flood insurance, as well as voluntary manufactured housing, condominium, and homeowners insurance, along with renters insurance and other products.
      • Homeowners Insurance - Offers insurance products for homeowners, including lender-placed and voluntary options.
      • Renters and Other Products - Provides renters insurance and other related insurance products.
    NamePositionStart DateShort Bio
    Keith W. DemmingsPresident, Chief Executive Officer, and DirectorJanuary 1, 2022Keith W. Demmings became CEO and Director on January 1, 2022, after serving as President since May 18, 2021. He joined Assurant in 1997 and held various leadership roles, including CEO of Assurant Canada .
    Keith R. MeierExecutive Vice President, Chief Financial OfficerNovember 15, 2023Keith R. Meier was appointed CFO on November 15, 2023. He joined Assurant in 1998 and previously served as COO from January 2022 .
    Michael P. CampbellExecutive Vice President, President, Global HousingJuly 2016Michael P. Campbell has been in his current role since July 2016. He joined Assurant in 2006 through an acquisition and held several executive roles .
    Martin JennsExecutive Vice President, President, Global AutomotiveJanuary 2022Martin Jenns was appointed to his current position in January 2022. He rejoined Assurant in August 2019 and has held various leadership roles since 2003 .
    Robert A. LonerganExecutive Vice President, Chief Marketing and Risk OfficerNovember 2023Robert A. Lonergan began his current role in November 2023. He joined Assurant in 2012 and has held various executive positions, including Chief Strategy Officer .
    Francesca L. LuthiExecutive Vice President, Chief Operating OfficerNovember 15, 2023Francesca L. Luthi was appointed COO on November 15, 2023. She joined Assurant in 2012 and has held roles such as Chief Administrative Officer and Chief Communication and Marketing Officer .
    Biju NairExecutive Vice President, President, Global Connected LivingJuly 2021Biju Nair was appointed to his current role in July 2021. He joined Assurant in December 2020 through the acquisition of HYLA Mobile, where he was president and CEO .
    Jay E. RosenblumExecutive Vice President, Chief Legal OfficerJuly 2020Jay E. Rosenblum became Chief Legal Officer in July 2020. He joined Assurant in June 2019 and previously served as Co-Interim General Counsel .
    Kevin WarrenBoard Member, Compensation and Talent CommitteeJanuary 15, 2025Kevin Warren will join the Board of Directors and serve on the Compensation and Talent Committee effective January 15, 2025. He previously worked at UPS and Xerox Corporation .
    Mariana WiskSenior Vice President, Corporate SecretaryN/AMariana Wisk serves as Senior Vice President and Corporate Secretary. She has been involved in signing off on company reports, but her start date in this role is not specified .
    1. With ongoing profitability challenges in Global Auto due to longer-term policies and elevated losses, how exactly do you plan to accelerate the turnaround in this segment, and can you provide more details on the operational efficiencies you're implementing to achieve this?
    2. Considering the active catastrophe season and its impact on Global Housing, how confident are you that reinsurance costs will remain stable in 2025, and what contingency plans are in place if reinsurance rates increase significantly?
    3. Given the substantial investment spend in Connected Living this year and expectations of similar investments next year, can you elaborate on how these investments will translate into tangible revenue and EBITDA growth, and what key metrics are you using to measure success?
    4. With the addition of new clients in Asia Pacific contributing to subscriber growth, how are you addressing potential challenges in scaling operations and ensuring profitability comparable to your established markets?
    5. You mentioned the hard market is contributing to increased placement rates in your voluntary business; with the potential for market conditions to soften, how sustainable is this growth, and what steps are you taking to mitigate the risk of declining placement rates in the future?
    Program DetailsProgram 1
    Approval DateNovember 2023
    End Date/DurationN/A
    Total additional amount$600.0 million
    Remaining authorization amount$494.5 million
    DetailsThe program allows for the repurchase of up to $600.0 million of outstanding common stock. The purpose is to return capital to shareholders and potentially increase the stock price by reducing the number of shares outstanding.
    NameStart DateEnd DateReason for Change
    PricewaterhouseCoopers LLP2000 PresentCurrent auditor

    Recent developments and announcements about AIZ.

    Legal & Compliance

      Legal Proceedings

      ·
      Jan 23, 2025, 9:46 PM

      Summary of the Legal Matter Involving Assurant, Inc. (AIZ):

      Key Parties Involved:

      • Seller: Assurant, Inc., through its subsidiary, American Bankers Life Assurance Company of Florida.
      • Buyer: GPC Miami Business Park, LLC.

      Nature of the Proceedings:

      • Assurant, Inc. has entered into a Purchase and Sale Agreement to sell its Miami, Florida campus for $126 million.
      • The agreement includes a 90-day due diligence period for the buyer starting from January 22, 2025.
      • The transaction is contingent upon the buyer obtaining necessary development approvals from state and local authorities, including land use, rezoning, and site plan approvals. This process is expected to take 18 to 24 months.
      • Closing of the transaction will occur within 30 days after the buyer secures the required approvals.
      • Assurant plans to relocate its Miami operations to a new leased site by the end of Q2 2025.

      Potential Financial or Operational Consequences:

      • The sale is expected to generate $126 million in proceeds for Assurant, Inc.
      • The relocation of operations may involve additional costs and logistical considerations.
      • The timeline for the transaction's completion is dependent on the buyer's ability to secure the necessary approvals, which introduces potential delays or uncertainties.

    Corporate Leadership

      Board Change

      ·
      Nov 20, 2024, 9:45 PM

      Kevin Warren has been appointed to the Board of Directors of Assurant, Inc., effective January 15, 2025. He will also serve on the company's Compensation and Talent Committee. Warren previously held the position of chief marketing and customer experience officer at UPS and has extensive experience from his 34-year tenure at Xerox Corporation .

      Leadership Change

      ·
      Nov 20, 2024, 9:45 PM

      Lawrence V. Jackson is retiring from the Board of Directors of Assurant, Inc., effective at the company's 2025 annual meeting of stockholders. Paget L. Alves is resigning from the Board, effective January 15, 2025, to become CEO of Sorenson. Kevin Warren has been appointed to the Board and will join the Compensation and Talent Committee, effective January 15, 2025. Warren brings extensive experience from his previous roles at UPS and Xerox .