Business Context and Reporting Period
This Form 8-K Current Report was filed by Assurant, Inc. on May 7, 2010, regarding corporate governance changes. The report details the election of a new director to the Board of Directors, effective May 14, 2010.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. The only financial data disclosed relates to director compensation:
- Restricted Stock Units: An annual grant with a grant date fair market value of $80,000.
- Other Compensation: Annual retainers and per-meeting fees consistent with the Assurant Amended and Restated Directors Compensation Plan.
Material Changes
The primary material change is the addition of John A.C. Swainson to the Board of Directors. There are no arrangements or understandings between Mr. Swainson and any other person regarding his election. He has not yet been assigned to any Board committees.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on operations, or discussion of risks and contingencies. It notes that an amended Form 8-K will be filed once Mr. Swainson is appointed to a specific Board committee.
Investor Verification Checklist
- Verify the effective date of John A.C. Swainson's directorship (May 14, 2010).
- Review the Assurant Amended and Restated Directors Compensation Plan (Exhibit 10.25 to 2009 Form 10-K) for specific retainer and fee amounts.
- Monitor future filings for Mr. Swainson's committee assignments.
- Confirm the terms of the Restricted Stock Unit Award Agreement referenced in the 2010 Form 10-Q.