A.M. Best Assigns Issue Credit Ratings to Assurant, Inc.’s Senior Unsecured Notes, Subordinated Notes and Convertible Preferred Stock

OLDWICK, N.J.--()--A.M. Best has assigned a Long-Term Issue Credit Ratings (Long-Term IR) of “bbb+” to the recently announced $300 million floating rate senior unsecured notes due 2021, $300 million 4.2% senior unsecured notes due 2023 and $300 million 4.9% senior unsecured notes due 2028 of Assurant, Inc. (Assurant) (headquartered in New York, NY) (NYSE:AIZ). In addition, A.M. Best has assigned a Long-Term IR of “bbb” to $400 million 7.0% subordinated notes due 2048 and a Long-Term IR of “bbb-” to $288 million 6.50% Mandatory Convertible Preferred Stock due 2021. The outlook assigned to these Credit Ratings (rating) is stable.

Following the debt and preferred stock issuance, financial leverage will remain within guidelines for the assigned rating. Assurant intends to use the net proceeds from the preferred stock and debt offerings along with available cash on the balance sheet to fund the company’s previously announced acquisition of The Warranty Group, refinance its 2.50% senior notes which matured March 15, 2018, and pay related fees and expenses.

Assurant’s Long-Term Issuer Credit Rating of “bbb+”, its existing Long-Term IRs and the ratings of its operating insurance subsidiaries are unchanged.

This press release relates to Credit Ratings that have been published on A.M. Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see A.M. Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Understanding Best’s Credit Ratings. For information on the proper media use of Best’s Credit Ratings and A.M. Best press releases, please view Guide for Media - Proper Use of Best’s Credit Ratings and A.M. Best Rating Action Press Releases.

A.M. Best is the world’s oldest and most authoritative insurance rating and information source. For more information, visit www.ambest.com.

Copyright © 2018 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Contacts

A.M. Best
Edin Imsirovic, +1-908-439-2200, ext. 5740
Senior Financial Analyst
edin.imsirovic@ambest.com
or
Jacqalene Lentz, +1-908-439-2200, ext. 5762
Director
jacqalene.lentz@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com

Contacts

A.M. Best
Edin Imsirovic, +1-908-439-2200, ext. 5740
Senior Financial Analyst
edin.imsirovic@ambest.com
or
Jacqalene Lentz, +1-908-439-2200, ext. 5762
Director
jacqalene.lentz@ambest.com
or
Christopher Sharkey, +1-908-439-2200, ext. 5159
Manager, Public Relations
christopher.sharkey@ambest.com
or
Jim Peavy, +1-908-439-2200, ext. 5644
Director, Public Relations
james.peavy@ambest.com