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Assurant Increases Share Repurchase Program Authorization
NEW YORK, May 14, 2012 -- Assurant, Inc. ("Assurant") (NYSE: AIZ), a premier provider of specialty insurance and insurance-related products and services, announces that the Company's board of directors has authorized the repurchase of up to $600 million of its common stock. This is in addition to approximately $170 million remaining as of April 30, 2012 from existing share repurchase authorizations.
"Assurant's disciplined share repurchase strategy illustrates our commitment to deliver significant value to our shareholders, resulting in the purchase of approximately 43 percent of the company's common shares outstanding during the past eight years," said Robert B. Pollock, president and chief executive officer. "Our strong capital position provides the flexibility needed to repurchase shares, raise dividends to shareholders and pursue strategic acquisitions to achieve profitable growth."
The share repurchase program may use open market and/or private transactions. The timing of purchases will be subject to management evaluation of current market conditions, applicable legal requirements and other factors.
Through April 30, the company's 2012 repurchases have totaled 3.3 million shares for approximately $135 million. Since the inception of the company's first share repurchase program on Aug. 2, 2004, Assurant has repurchased 60.8 million shares for $2.4 billion. This includes 2012 share repurchases.
Assurant is a premier provider of specialized insurance products and related services in North America and select worldwide markets. Its four key businesses -- Assurant Solutions, Assurant Specialty Property, Assurant Health, and Assurant Employee Benefits -- partner with clients who are leaders in their industries and have built leadership positions in a number of specialty insurance market segments worldwide.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded on the New York Stock Exchange under the symbol AIZ. Assurant has approximately $27 billion in assets and $8 billion in annual revenue.www.assurant.com