Press release from Business Wire
Assurant Increases Share Repurchase Program Authorization by $600 Million
Monday, November 18, 2013
Assurant Increases Share Repurchase Program Authorization by $600 Million08:30 EST Monday, November 18, 2013
NEW YORK (Business Wire) -- Assurant, Inc. (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 $152 million remaining as of Oct. 31, 2013 from the existing share repurchase authorization. Through Oct. 31, the Company's 2013 repurchases totaled seven million shares for approximately $351 million.
“This additional share repurchase reauthorization reflects our ongoing commitment to disciplined capital management,” said Robert B. Pollock, president and chief executive officer of Assurant. “Since our initial public offering, we've repurchased more than 50 percent of the company's common shares outstanding and increased our dividend every year. We will continue to balance investments in our businesses to generate profitable growth while at the same time returning capital to shareholders.”
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.
Assurant is a premier provider of specialized insurance products and related services in North America and select worldwide markets. 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 $29 billion in assets and $8 billion in annual revenue. For more information on Assurant, please visit http://www.assurant.com and follow us on Twitter (@AssurantNews).
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Vera Carley, 212.859.7002
Director, Media Relations and Financial Communications
Francesca Luthi, 212.859.7197
Senior Vice President, Investor Relations
Suzanne Shepherd, 212.859.7062
Director, Investor Relations