Assurant authorizes $600M stock buyback, raises quarterly dividend 3%

Assurant announced that its Board of Directors authorized a repurchase program for up to $600 million of the company’s outstanding common stock. The $600 million share repurchase authorization is in addition to the company’s current authorization, of which approximately $174 million remained unused as of October 31, 2023. In addition, the company’s Board of Directors declared a quarterly dividend increase of $0.02 to $0.72 per share of common stock. The dividend will be payable on December 18, 2023 to stockholders of record as of the close of business on November 27, 2023. “Today, we increased our dividend for the 19th consecutive year – a testament to Assurant’s history of strong cash flows and capital position,” said Assurant President and CEO Keith Demmings. “The combined cash generation of our Lifestyle and Housing businesses remains a key differentiator for Assurant, allowing us the flexibility to invest in high return organic and inorganic opportunities while also returning significant capital to shareholders, including repurchasing nearly 70 percent of our shares outstanding since our initial public offering.”