Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 122

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 122
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under of $50.0 million. The proceeds from these loans may be used for our commercial paper program or for general corporate purposes. 

59

We made no borrowings using the Credit Facility during Twelve Months 2024 and no loans were outstanding as of December 31, 2024.

Our commercial paper program requires us to maintain liquidity facilities either in an available amount equal to any outstanding notes from the program or in an amount sufficient to maintain the ratings assigned to the notes issued from the program. Our commercial paper is rated AMB-1+ by A.M. Best, P-2 by Moody’s and A-2 by S&P. Our subsidiaries do not maintain commercial paper or other borrowing facilities. This program is currently backed up by the Credit Facility, of which $500.0 million was available as of December 31, 2024. 

We did not use the commercial paper program during Twelve Months 2024 and there were no amounts relating to the commercial paper program outstanding as of December 31, 2024.  

For additional information, see Note 18 to the Consolidated Financial Statements included elsewhere in this Report.

Letters of Credit 

Letters of credit are issued in the ordinary course of business. These letters of credit are supported by commitments under which we are required to indemnify the financial institution issuing the letter of credit if the letter of credit is drawn. We had $1.8 million and $2.9 million of letters of credit outstanding as of December 31, 2024 and 2023, respectively. 

Limited Recourse Note

In 2024, Assurant entered into a financing arrangement pursuant to which it is able to issue a $100 million limited recourse note and, in return, obtain a $100 million asset-backed note from a Delaware master trust.  As of December 31, 2024 no notes have been issued under this arrangement. 

Cash Flows

We monitor cash flows at the consolidated, holding company and subsidiary levels. Cash flow forecasts at the consolidated and subsidiary levels are provided on a monthly basis, and we use trend and variance analyses to project future cash needs making adjustments to the forecasts when needed. 

The table below shows our recent net cash flows for the periods indicated:

 For the Years Ended December 31, 20242023Net cash provided by (used in):Operating activities$1,332.7 $1,138.1 Investing activities(657.8)(637.7)Financing activities