Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Assurant: Attractive At A 7.7 P/E?

Assurant, Inc. (NYSE: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...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
FREESA PRO MEMBERS
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
PRO Top long ideas returned 21.7% in 2016**
"As a PRO member, we get uniquely valuable perspective that go beyond our quantiative analysis... We rely on PRO to get beyond the numbers quickly and add much needed perspective. It keeps me ahead of the next big thing. - Mark Choate, Malaga Cove Capital"
Mark Choate, Malaga Cove Capital
"Contributors (writers and commentators), often have a long history in the secuirities they opine on and some are clearly well positioned industry participants with detailed industry views that can help provide color on where the skeletons are buried in a particular secuirity and/or industry."
Jim Roumell, Roumell Asset Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details