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
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital 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