Assurant downgraded at BofA/Merrill As previously reported, BofA/Merrill downgraded Assurant to Underperform from Neutral. The firm downgraded shares based on flat organic growth, rich valuation vs. book value and buybacks that are not longer accretive. Price target is $73.
Global Indemnity to purchase American Reliable Insurance from Assurant Global Indemnity's (GBLI) U.S. affiliate agreed to purchase American Reliable Insurance Company from Assurant (AIZ). In a transaction with an enterprise value of approximately $394M, Global Indemnity's U.S. division will pay approximately $114M in cash to Assurant at closing - which could be increased to approximately $120M to account for net earnings between June 30 and the closing - and assume approximately $280M in customary insurance related liabilities, obligations, and mandates.