Assurant 2014 Annual Report Download - page 16

ASSURANT, INC. – 2014 Form 10-K2
Amounts are presented in United States of America (“U.S.”) dollars and all amounts are in thousands, except for number
of shares, per share amounts, registered holders, number of employees, benefi cial owners, number of securities in an
unrealized loss position and number of loans.
Forward-Looking Statements
Some of the statements under “Business,” “Management’s
Discussion and Analysis of Financial Condition and Results
of Operations” and elsewhere in this report, particularly
those anticipating future fi nancial performance, business
prospects, growth and operating strategies and similar
matters, are forward-looking statements within the meaning
of the U.S. Private Securities Litigation Reform Act of 1995.
You can identify these statements by the fact that they may
use words such as “will,” “may,” “anticipates,” “expects,”
“estimates,” “projects,” “intends,” “plans,” “believes,”
“targets,” “forecasts,” “potential,” “approximately,” or the
negative version of those words and other words and terms with
a similar meaning. Any forward-looking statements contained
in this report are based upon our historical performance and
on current plans, estimates and expectations. The inclusion
of this forward-looking information should not be regarded
as a representation by us or any other person that the future
plans, estimates or expectations contemplated by us will
be achieved. Our actual results might differ materially
from those projected in the forward-looking statements.
The Company undertakes no obligation to update or review
any forward-looking statement, whether as a result of new
information, future events or other developments.
In addition to the factors described under “Critical Factors
Affecting Results,” the following risk factors could cause
our actual results to differ materially from those currently
estimated by management:
i. actions by governmental agencies or government
sponsored entities or other circumstances, including
pending regulatory matters affecting our lender-placed
insurance business, that could result in reductions of
the premium rates we charge or increases in expenses,
including claims, commissions, fi nes, penalties or
other expenses;
ii. loss of signifi cant client relationships or business,
distribution sources and contracts;
iii. the effects of the Patient Protection and Affordable Care
Act and the Health Care and Education Reconciliation
Act of 2010 (the “Affordable Care Act”), and the
rules and regulations thereunder, on our health and
employee benefi ts businesses;
iv. potential variations between the fi nal risk adjustment
amount, as determined by the U.S. Department of
Health and Human Services under the Affordable Care
Act, and the Company’s estimate;
v. unfavorable outcomes in litigation and/or regulatory
investigations that could negatively affect our business
and reputation;
vi. current or new laws and regulations that could increase
our costs and decrease our revenues;
vii. signifi cant competitive pressures in our businesses;
viii. failure to attract and retain sales representatives or
key managers;
ix. losses due to natural or man-made catastrophes;
x. a decline in our credit or fi nancial strength ratings
(including the risk of ratings downgrades in the
insurance industry);
xi. deterioration in the Company’s market capitalization
compared to its book value that could result in an
impairment of goodwill;
xii. risks related to our international operations, including
fl uctuations in exchange rates;
xiii. data breaches compromising client information and
privacy;
xiv. general global economic, fi nancial market and political
conditions (including diffi cult conditions in fi nancial,
capital, credit and currency markets, the global
economic slowdown, fl uctuations in interest rates or
a prolonged period of low interest rates, monetary
policies, unemployment and infl ationary pressure);
xv. failure to fi nd and integrate suitable acquisitions and
new ventures;
xvi. cyber security threats and cyber attacks;
xvii. failure to effectively maintain and modernize our
information systems;
xviii failure to predict or manage benefi ts, claims and
other costs;
xix. uncertain tax positions and unexpected tax liabilities;
xx. inadequacy of reserves established for future claims;
xxi. risks related to outsourcing activities;
xxii. unavailability, inadequacy and unaffordable pricing
of reinsurance coverage;
xxiii. diminished value of invested assets in our investment
portfolio (due to, among other things, volatility in
fi nancial markets; the global economic slowdown;
credit, currency and liquidity risk; other than temporary
impairments and increases in interest rates);
xxiv. insolvency of third parties to whom we have sold or
may sell businesses through reinsurance or modifi ed
co-insurance;
xxv. inability of reinsurers to meet their obligations;
xxvi. credit risk of some of our agents in Assurant Specialty
Property and Assurant Solutions;
xxvii. inability of our subsidiaries to pay suffi cient dividends;
xxviii. failure to provide for succession of senior management
and key executives; and
xxix cyclicality of the insurance industry.
For a more detailed discussion of the risk factors that could
affect our actual results, please refer to “Critical Factors
Affecting Results” in Item 7 and “Risk Factors” in Item 1A
of this Form 10-K.