Assurant, Inc.

AI-generated fair value estimate for this company.

Method: 10-year two-stage unlevered FCF DCF: $900M normalized FCF base (below the $1.66B TTM and $1.28B 3-year average operating-cash-flow-minus-capex figures, haircut to approximate capital that must be retained for insurance reserves/growth rather than fully distributable cash); 6% annual growth years 1-5; 4% years 6-10; 9.5% discount rate; 2.5% terminal growth; $509M net debt; 49.3M diluted shares.

Reasoning: Assurant's reported operating cash flow overstates truly distributable cash for an insurer because some of it must be retained to support reserve growth, so I used a conservative haircut to the trailing FCF trend as the base, a higher discount rate than a typical industrial (9.5%) to reflect catastrophe and investment-income sensitivity, and cross-checked the result against Assurant's $6.1B book value and consistently rising cash generation.