Company: AIZ
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001267238-25-000008
Chunk: 117

Company: ASSURANT, INC.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 117
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 in fixed maturity securities and short term investments, partially offset by lower income in Other investments primarily driven by lower partnership income.

Net realized losses on investments and fair value changes to equity securities were $75.8 million for Twelve Months 2024 compared to net realized losses on investments and fair value changes to equity securities of $68.7 million for Twelve Months 2023. The change in Twelve Months 2024 was primarily driven by sales of fixed maturity securities at a loss as well as impairments in the Assurant Ventures portfolio, partially offset by sales of equity securities at a gain as well as favorable market valuations in equity securities.   

As of December 31, 2024, we owned $16.5 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $15.2 million of municipal securities, whose credit rating was A+ with the guarantee, but would have had a rating of AA- without the guarantee. 

For more information on our investments, see Notes 7 and 9 to the Consolidated Financial Statements included elsewhere in this Report.  

Liquidity and Capital Resources 

The following section discusses our ability to generate cash flows from each of our subsidiaries, borrow funds at competitive rates and raise new capital to meet our operating and growth needs. Management believes that we will have sufficient liquidity to satisfy our needs over the next twelve months, including the ability to pay interest on our debt and dividends on our common stock.

On January 22, 2025, we entered into an agreement to sell our Miami, Florida property for a purchase price of $126.0 million, subject to the buyer receiving the requisite development approvals, which could take 18 to 24 months. If the transaction is consummated pursuant to the terms of the agreement, we expect to record a gain above the current carrying value of  $46.0 million as of December 31, 2024, less estimated costs to sell. We do not anticipate that any such gain will impact our capital deployment priorities. There can be no assurance that the transaction will be consummated.

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Regulatory Requirements 

Assurant, Inc. is a holding company and, as such, has limited direct operations of its own. Our assets consist primarily of the capital stock of our subsidiaries. Accordingly, our future cash flows depend upon the availability of dividends and other statutorily permissible payments from our subsidiaries, such as payments under our tax allocation agreement and under management agreements with our subsidiaries. Our subsidiaries’ ability