Assurant 2012 Annual Report Download - page 10

ASSURANT, INC.2012 Form10-K2
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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, bene 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  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.  e 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 di er
materially from those projected in the forward-looking statements.
 e 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 A ecting
Results,” the following risk factors could cause our actual results to
di er materially from those currently estimated by management:
(i) actions by governmental agencies or government sponsored
entities or other circumstances, including pending regulatory
matters a ecting our lender-placed insurance business, that
could result in reductions of the premium rates we charge,
increases in the claims we pay,  nes or penalties, or other
expenses;
(ii) the e ects of the Patient Protection and A ordable Care Act
and the Health Care and Education Reconciliation Act of
2010, and the rules and regulations thereunder, on our health
and employee bene ts businesses;
(iii) loss of signi cant client relationships, distribution sources and
contracts;
(iv) unfavorable outcomes in litigation and/or regulatory investigations
that could negatively a ect our business and reputation;
(v) current or new laws and regulations that could increase our
costs and decrease our revenues;
(vi) a decline in our credit or  nancial strength ratings (including
the risk of ratings downgrades in the insurance industry);
(vii) deterioration in the Company’s market capitalization compared
to its book value that could result in further impairment of
goodwill;
(viii) risks related to outsourcing activities;
(ix) failure to attract and retain sales representatives or key managers;
(x) losses due to natural or man-made catastrophes;
(xi) general global economic,  nancial market and political conditions
(including di cult conditions in  nancial, capital, credit and
currency markets, the global economic slowdown,  uctuations
in interest rates or a prolonged period of low interest rates,
monetary policies, unemployment and in ationary pressure);
(xii) inadequacy of reserves established for future claims;
(xiii) failure to predict or manage bene ts, claims and other costs;
(xiv) uncertain tax positions and unexpected tax liabilities;
(xv)  uctuations in exchange rates and other risks related to our
international operations;
(xvi) unavailability, inadequacy and una ordable pricing of reinsurance
coverage;
(xvii) signi cant competitive pressures in our businesses;
(xviii) diminished value of invested assets in our investment portfolio
(due to, among other things, volatility in  nancial markets; the
global economic slowdown; credit, currency and liquidity risk;
other than temporary impairments and increases in interest
rates);
(xix) insolvency of third parties to whom we have sold or may sell
businesses through reinsurance or modi ed co-insurance;
(xx) inability of reinsurers to meet their obligations;
(xxi) credit risk of some of our agents in Assurant Specialty Property
and Assurant Solutions;
(xxii) cyber security threats and cyber attacks;
(xxiii) failure to e ectively maintain and modernize our information
systems;
(xxiv) data breaches compromising client information and privacy;
(xxv) failure to  nd and integrate suitable acquisitions and new
ventures;
(xxvi) inability of our subsidiaries to pay su cient dividends;
(xxvii) failure to provide for succession of senior management and
key executives; and
(xxviii) cyclicality of the insurance industry.
For a more detailed discussion of the risk factors that could a ect our
actual results, please refer to “Critical Factors A ecting Results” in
Item7 and “Risk Factors” in Item1A of this Form 10-K.