Business Context and Reporting Period
Company: Assurant, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 21, 2013
Event: The Company and its subsidiaries, American Security Insurance Company and American Bankers Insurance Company of Florida, entered into a Consent Order with the New York Department of Financial Services.
Financial Metrics
This filing is a current report regarding a regulatory event and does not contain financial statements. The filing text does not provide clear values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
The material change reported is the execution of a Consent Order with the New York Department of Financial Services on March 21, 2013. No prior comparable period financial data is included in this document.
Guidance, Outlook, and Risks
- Regulatory Action: The Consent Order represents a significant regulatory contingency involving the Company's insurance subsidiaries.
- Documentation: A news release and the full text of the Consent Order are attached as Exhibits 99.1 and 99.2, respectively.
- Outlook: The filing does not provide specific management commentary on future financial guidance or operational outlook beyond the announcement of the agreement.
Key Facts for Investor Verification
- Verify the specific terms and penalties outlined in the Consent Order (Exhibit 99.2).
- Review the March 21, 2013 news release (Exhibit 99.1) for management's immediate response and context.
- Assess the potential financial impact of the Consent Order on the Company's subsidiaries, American Security Insurance Company and American Bankers Insurance Company of Florida.
- Monitor for any subsequent filings detailing the implementation of the Consent Order requirements.