Assurant, Inc. (AIZ) provides specialty insurance through five segments: specialty property, health, employee benefits, and solutions (think extended services contracts, warranties, prepaid funeral insurance). The company has an investment grade rating from A. M. Best, see the ratings given to the company's subsidiaries below:
Further, the company is selling at a P/E of 7.7 and a 35% discount to tangible book, all while paying a 2% dividend and executing share repurchases last year equaling about 12% of the current market capitalization. We will take a look at all the features of this company but we first have to explain why the company actually is not selling below tangible book -- quite to the contrary.
Book Value
Insurance...