Assurant, Inc. (NYSE:AIZ)
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Focuses on building & maintaining a portfolio of insurance businesses, leveraging a set of core capabilities, identifying & adapting to evolving market needs & centralizing certain key functions in the Corporate segment to achieve economies of scale.
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David Merkel likes this stock. AIZ more or less breaks even on their underwriting (as opposed to losing money like other insurance companies). AIZ is selling for about a 40% discount to book value and a 25% discount to tangible book value with ROE in the double digits.