Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, ora smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”filer,” “smaller reporting company,” and “smaller reporting“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

The aggregate market value of the Common Stockregistrant’s common stock held by non-affiliates of the registrant was $5.56$6.47 billion atas of the last business day of the fiscal quarter ended June 30, 20172019 based on the closing sale price of $103.69$106.38 per share for the common stock on such date as traded on the New York Stock Exchange.

The number of shares of the registrant’s Common Stockcommon stock outstanding at February 8, 201814, 2020 was 52,475,408.59,823,754.

Certain information contained in the definitive proxy statement for the Company's 2018registrant’s 2020 annual meeting of stockholders is incorporated by reference into Part III hereof.

Assurant, Inc. was incorporated as a Delaware corporation in 2004.

Assurant isWe are a leading global provider of risk managementlifestyle and housing solutions in the housingthat support, protect and lifestyle markets, protecting where people liveconnect major consumer purchases. We partner with leading brands to develop innovative products and the goods they buy. Assurant operatesservices and to deliver an enhanced customer experience. We operate in North America, Latin America, Europe and Asia Pacific through three operating segments: Global Housing,Lifestyle, Global Lifestyle,Housing and Global Preneed. Assurant partners with clients who are leaders in their industries to provide consumers a diverse range of protection products and services. Through its Global Housing segment, Assurant provides lender-placed homeowners, manufactured housing and flood insurance; renters insurance and related products (referred to as our “multi-family housing” business); and valuation and field services (referred to as our “mortgage solutions” business). Through its Global Lifestyle segment, Assurant provideswe provide mobile device protection products and related servicessolutions and extended service products and related services for consumer electronics and appliances (referred to as our “Connected Living” business)); vehicle protection services;and related services (referred to as “Global Automotive”); and credit insurance.and other insurance products (referred to as “Global Financial Services and Other”). Through our Global Housing segment, we provide lender-placed homeowners insurance, lender-placed manufactured housing insurance and lender-placed flood insurance (referred to as “Lender-placed Insurance”); renters insurance and related products (referred to as “Multifamily Housing”); and voluntary manufactured housing insurance, voluntary homeowners insurance and other specialty products (referred to as “Specialty and Other”). Through our Global Preneed providessegment, we provide pre-funded funeral insurance, final need insurance and annuity products.related services.

Our Competitive Strengths

Our financial strength and our core capabilities across our businesses create competitive advantages that we believe allow us to support our clients, deliver superior experience for their customers and ourdrive sustainable profitable growth over the long term.

Our Strategy for Profitable Growth

Our vision is to be the premier provider of risk managementlifestyle and housing solutions in our addressable markets within the housing and lifestyle markets globally. To achieve this vision, we recently underwent a multi-year transformation to positionpositioned ourselves for continued long-term profitable growth by:

to managing our capital.capital management. We target new businessbusinesses and capabilities that complement or support our business model,strategy, which is focused on expanding capabilities and distribution in targeted growth businesses globally.

20172019 Highlights

Assurant largely completedIn 2019, we grew earnings as we added and renewed a number of client partnerships across Global Lifestyle and Global Housing and launched several new product offerings. We had significant organic growth in our mobile business, including as a result of scaling new and existing client partnerships, and a full year of contributions from our acquisition of TWG Holdings Limited and its subsidiaries (as subsequently reorganized, “TWG”). During the year, we also continued to make investments to support the launch of new programs, while enhancing our capabilities to support future growth. For example, we acquired Cell Phone Repair, a global franchisor of electronic device repair stores focusing on mobile device repair, and we are making additional targeted investments in emerging technologies to enhance the customer experience. To support long-term growth, we also launched a multi-year transformation of our information technology to realign our IT operating model and fund investments in 2017.our technology infrastructure and cloud capabilities. We will continue to focus on investing in our key capabilities and strengthening our competitive advantage as we look to deliver more value for our clients and their customers

In 2019, we made considerable progress in advancingintegrating our position as a leading provideracquisition of risk management solutions. In October 2017, we announced our agreement to acquire The Warranty Group, a premier provider of extended service contracts, for $2.50 billion from TPG Capital. In January 2018, we amended the transaction structure following the enactment of the U.S. Tax Cuts and Jobs Act ("TCJA"). The proposed acquisition will help enhance our position as a leading lifestyle provider, specifically within the vehicle protection business, with significantTWG, generating operating synergies and deepened global footprint. The transaction is expectedgrowing from the scale and expertise we acquired. We also undertook a strategic review of our investment in Iké Grupo, Iké Asistencia and certain of their affiliates (collectively, “Iké”). As part of our initial investment in 2014, we entered into a shareholders agreement with the majority shareholders that provided us with the right to closeacquire the remainder of Iké from the majority shareholders and the majority shareholders the right to put their interests in Iké to us (together, the second“put/call”). In the third quarter of 2018, subject2019, we decided to regulatory approvals and other customary closing conditions. Integration planning between both companies has begun and will continue throughpursue the close of the transaction and thereafter.

Our ProductsThe mobile insurance market is a large and Services

In addition, consumer needs relating to mobile devices are continuing to expand in scope. We believe there are growth opportunities in bundled protection products, which support customers as they take full advantage of the features and functions of their mobile devices through their daily interaction with a connected world. Customer support, device financing, buyback and trade-in programs are some of the areas that a homeowner does not maintain insurance on a mortgaged dwelling. Lender-placed insurance provides structural coverage, similarcontinue to gain traction. Expanded capabilities like repair and logistics, technical support for customers and digital security allow us to create product and service offerings that of a standard homeowner's policy. The amount of coveragecustomers find compelling.

Our business is oftensubject to fluctuations in mobile device trade-in volumes based on the last known insurance coverage underrelease of new devices and carrier promotional programs, as well as customer preferences. As a general trend, we believe the prior policyaverage smartphone replacement cycle is lengthening, which may increase attachment rates for the propertymobile protection offerings; however, this trend may be reversed based on new technology and provides replacement cost coverage on the property. It protects both the lender’s interest and the borrower’s interest and equity. We also provide Real Estate Owned (“REO”) insurance, consisting of insurance on foreclosed properties managed by our clients.innovation.

In the majority of cases,vehicle sales markets, we use a proprietary insurance-tracking administration system linkedexpect U.S. new vehicle sales to remain relatively flat, while the used vehicle market remains strong and continues to grow. We work closely with the administrative systems of our clientspartners to monitor clients’ mortgage portfolios to verify the existence of insurance on each mortgaged property and identify thosedevelop innovative offerings that are uninsured. If there is a potential lapse in insurance coverage, we begin a process of notification and outreach to both the homeowner and the last known insurance carrier or agent through phone calls and written correspondence, which generally takes up to 90 days to complete. If coverage cannot be verified at the end of this process, the mortgage servicer procures a lender-placed policy for which the homeowner is responsible for paying the related premiums. Our placement rates reflect the percentagerapid evolution of the large, but fragmented U.S. market. In addition, new vehicle sales outside of the U.S. continue to grow in most markets.

In our financial services business, we anticipate continued declines in our traditional credit insurance policies placedin North America. Our focus is on expanding our partnerships with leading financial institutions to loans tracked.offer credit card offerings to their customers. The homeowner always retains the option to obtain or renew the insurance of his or her choice.traditional credit and credit card products are actively sold in select international markets.

We earn premiums on our insurance and warranty products and fees for renters’ personal belongingsour other services. We write a portion of our contracts on a retrospective commission basis. This allows us to adjust commissions on the basis of claims experience. Under these commission arrangements, our clients’ compensation is based upon the actual losses incurred compared to premiums earned after a specified net allowance to us. We believe that these arrangements better align our clients’ interests with ours and liability protectionhelp us to better manage risk exposure. For additional risks relating to our Global Lifestyle segment, please see “Item 1A – Risk Factors.”

We offer voluntary manufactured housing insurance, homeowners insurance,experience seasonal fluctuations that impact demand in each of our lines of business. For example, seasonality for ESCs and several other niche products. Our voluntary insurance generally provides structural coverage, as well as contentVSCs aligns with the seasonality of the retail and liability coverage. Weautomobile markets. In addition, our mobile results, which align with the seasonality of mobile device sales and are the second largest administrator for the U.S. government under the voluntary National Flood Insurance Program (“NFIP”), for which we earn fees for collecting premiums and processing claims. This business is 100% reinsuredaffected by trade-in volumes, may fluctuate quarter to quarter due to the U.S. government.

Our Addressable Markets and Market Activity

The mobile insurance market is a large and growing global market.market, characterized by growth in the “Internet of Things” and evolving wireless standards, particularly the advent of 5G. While smartphone penetration in the U.S., Japanese and European markets is high, other markets are very high, the international markets have continued to grow.less mature and present higher growth opportunities. The worldwide used and refurbished smartphone market is also expected to continue to grow.

In addition, consumer needs relating to mobile devices are continuing to expand in scope. We believe there are growth opportunities in bundled protection products, which support customers as they take full advantage of the features and functions of their smart phonesmobile devices through their daily interaction with a connected world. Customer support, programs, device financing, buyback and trade-in programs are just a fewsome of the areas that have or are gainingcontinue to gain traction. Expanded capabilities like repair and logistics, technical support for customers and digital security allow us to create product offersand service offerings that customers may find compelling.

Our business is subject to fluctuations in mobile device trade-in volumes based on the release of new devices and carrier promotional programs, as well as to changes in the mobile market dynamics. For example, ascustomer preferences. As a general trend, we believe the average smartphone replacement cycle is lengthening;lengthening, which may increase attachment rates for mobile protection offerings; however, this trend may be reversed based on new technology and innovation.

In the vehicle sales markets, thewe expect U.S. new vehicle sales have beento remain relatively flat, in 2017, with new auto sales being down while light duty trucks and SUV sales show year over year increase. Thethe used vehicle market remains strong and continues to grow. InternationalWe work closely with our partners to develop innovative offerings that reflect the rapid evolution of the large, but fragmented U.S. market. In addition, new vehicle sales outside of the U.S. continue to grow in most markets.

Risk Management

The Company earnsWe earn premiums on itsour insurance and warranty products and fees for itsour other services. We write a portion of our contracts on a retrospective commission basis. This allows us to adjust commissions on the basis of claims experience. Under these commission arrangements, theour clients’ compensation of our clients is based upon the actual losses incurred compared to premiums earned after a specified net allowance to us. We believe that these arrangements better align our clients’ interests with ours and help us to better manage risk exposure. For additional risks relating to our Global Lifestyle segment, please see “Item 1A – Risk Factors.”

Inventory

In our mobile business, we carry inventory to meet the delivery requirements of certain clients. Our mobile business is subjectclients and we provide the guaranteed buyback of devices as part of our trade-in and upgrade offerings. These devices are ultimately disposed of through sales to the risk that the value of the inventory (as well as devices that are subject to guaranteed buybacks) will be impacted adversely by price reductions or technological changes affecting the usefulness or desirability of the devices and parts, physical

Seasonality

We experience some seasonal fluctuations that impact demand in each of our lines of businesses and losses in some, but we have not experienced material seasonal trends overall.business. For example, seasonality for ESCs and VSCs is in linealigns with the seasonality of the retail and automobile markets. In addition, our mobile results, which align with the seasonality of mobile device sales and are affected by trade-in volumes, may fluctuate quarter to quarter due to the actual and anticipated timing of the release of new devices and carrier promotional programs.

Consumers have the choice of making their policy payments as a single lump-sum payment, through multi-payment plans that spread payments out over a period of time or as a pay for life policy. Our insurance policy is intended to cover the cost of the prearranged funeral, and the funeral home generally becomes the irrevocable assignee of any proceeds from the insurance policy. However, the insured may name a beneficiary for excess proceeds; otherwise, any excess proceeds are paid to the insured’s estate. The funeral home agrees to provide the selected funeral at death in exchange for the policy proceeds. Because the death benefit under many of our policies is designed to grow over time, it assists the funeral firmhome that is the assignee in managing its funeral inflation risk. Assurant doesWe do not provide any funeral goods andor services in connection with our pre-funded funeral insurance policies; thepre-funded funeral life insurance and annuity policies pay death benefits in cash only.

Distribution and Clients

We are the sole provider of pre-funded funeral insurance for Service Corporation International (“SCI”) in Canada and the U.S. SCI is the largest funeral provider in North America based on total revenues. Our exclusive distribution partnership with SCI runs through 2024 in the U.S. runsand through 2024;2021 in Canada,Canada.

Our Addressable MarketMarkets and Market Activity

Risk Management

Global Preneed utilizes underwriting to select and price insurance risks. We regularly monitor mortality assumptions to determine if experience remains consistent with these assumptions and to ensure that our product pricing remains appropriate. We periodically review our underwriting, agent and policy contract provisions and pricing guidelines so that our policies remain competitive and supportive of our marketing strategies and profitability goals.

Most of our pre-funded whole-life funeral insurance policies have increasing death benefits, some of which are pegged to changes in the Consumer Price Index (“CPI”(the “CPI”). We have employed risk mitigation strategies, including the use of derivative instruments, to seek to minimize our exposure to a rapid increase in inflation, including derivative instruments.inflation. However, exposure can still exist due to potential differences in the amount of businessour liability under existing insurance policies and the notional amount of protection provided by our derivative instruments and other risk mitigation strategies.

insurance departments of their respective states and territories of domicile and to furnish reports to such insurance departments regarding capital structure, ownership, financial condition, general business operations and intercompany transactions. These laws also require that transactions between affiliated companies be fair and equitable. In addition, certain intercompany transactions, changes of control, certain dividend payments and certain transfers of assets between the companies within the holding company system are subject to prior notice to, or approval by, state regulatory authorities.authorities in such states and territories.

We are licensed to sell insurance through our insurance subsidiaries in all 50 states, Puerto Rico and the District of Columbia. Like all U.S. insurance companies, our insurance subsidiaries are subject to regulation and supervision in the jurisdictions where they do business. In general, these regulations are designed to protect the interests of policyholders, and not necessarily the interests of shareholders and other investors. To that end, the laws of the various states and other jurisdictions establish insurance departments with broad powers with respect to such things as:

CertainOne of our subsidiaries areis a registered investments advisersinvestment adviser and as such areis subject to the Investment Advisers Act of 1940, as amended (the “Advisers Act”). The Advisers Act, together with the SEC’s regulations and interpretations thereunder, imposes substantive and material restrictions and requirements on the operations of our registered investment advisersadviser subsidiaries that cover, among other things, disclosure of information about our business to clients; maintenance of written policies and procedures; maintenance of extensive books and records; restrictions on the types of fees we may charge, including performance fees; solicitation arrangements; engaging in transactions with clients; maintaining an effective compliance program; custody of client assets; client privacy; advertising; pay-to-play; and cybersecurity. The SEC is authorized to institute proceedings and impose sanctions for violations of the Advisers Act, ranging from fines and censures to termination of an investment adviser’s registration.

We are subject to certain U.S. and foreign laws applicable to businesses generally, including anti-corruption laws. The Foreign Corrupt Practices Act of 1977 (the "FCPA"“FCPA”) regulates U.S. companies in their dealings with foreign officials prohibitingand prohibits bribes and similar practices. In addition, the U.K. Anti-Bribery Act has wide applicability to certain activities that

Because we own and operate real property, we are subject to federal, state and local environmental laws. Potential environmental liabilities and costs in connection with any required remediation of such properties is an inherent risk in property ownership and operation. UnderAdditionally, under the laws of several states, contamination of a property may give rise to a lien on the property to secure recovery of the costs of the cleanup, which could have priority over the lien of an existing mortgage against the property. To the extent we hold a mortgage loan on any property and thereby impairsubject to such a lien, our ability to foreclose on that property should the related loan be in default. In addition,default would be impaired. Further, under certain circumstances, we may be liable for the costs of addressing releases or threatened releases of hazardous substances at properties securing mortgage loans held by us.

Other Regulation

As the Company continueswe continue to grow and evolve itsour business mix to cover other non-insurance based products and services, it becomeswe have and will continue to become subject to other legal and regulatory requirements, including regulations of the Consumer Financial Protection BureauCFPB and other federal, state and municipal regulatory bodies, as well as additional regulatory bodies in non-U.S. jurisdictions. Examples include import and export trade compliance for the movement of mobile devices across geographic borders andborders; health, safety, labor and environmental regulations impacting our mobile supply chain operations.operations; and antitrust and competition-related laws and regulations that may impact future transactions or business practices.

Certain factors may have a material adverse effect on our business, financial condition, and results of operations.operations and cash flows. You should carefully consider them, along with the other information presented in this report.Report. It is not possible to predict or identify all such factors.

Business and Competitive Risks

The success of our business depends largely on our relationships and contractual arrangements with significant clients, including mortgage servicers, lenders, mobile device carriers, retailers, OEMs, agentsdistributors and other parties.parties, including vendors. Many of these arrangements are exclusive and some rely on preferred provider or similar relationships. If our key clients, intermediariesdistributors, vendors or other parties terminate important business arrangements with us, or renew contracts on terms less favorable to us, our cash flows, results of operations and financial condition could be materially adversely affected. In addition, each

Each of our Global Lifestyle, Global Housing and Global Preneed segments receives a substantial portion of its revenue from a few clients. A reduction in business with or the loss of one or more of our significant clients could have a material adverse effect on the results of operations and cash flows of individual segments or of the Company. Our segments’ reliance on a few significant clients may weaken our bargaining power and we may be unable to renew contracts with them on favorable terms or at all. Examples of important business arrangements

We are also subject to the risk that clients, distributors and other parties may face financial difficulties, reputational issues, problems with respect to their own products and services or regulatory restrictions or compliance issues that may lead to a decrease in or cessation of sales of our products and services. Ifservices and have other adverse impacts on our results of operations or financial condition. For example, one of our clients (whose revenues represented approximately 1% of our total revenues for the year ended December 31, 2019) filed a voluntary petition for reorganization and the U.S. bankruptcy court approved its acquisition and assumption of certain contracts by another company. Although we currently do not expect a material impact to our financial performance as a result, the reduction in loans tracked from this client has impacted the results of our Global Housing segment. In addition, our clients and other parties with whom we do business may choose to exit lines of business that we service or may disintermediate us by developing internal capabilities, products or services that would allow them to service their clients without our involvement. In particular, the transfer by mortgage servicer clients of loan portfolios to competitors or their participation in insuring Lender-placed Insurance risks that we have historically insured could materially reduce our

revenues and profits from this business. Furthermore, if one or more of our clients or distributors, for example in the wireless and related markets, consolidate or align themselves with other companies with whom we do not do business, they may lose significant business, resulting in material decreases inchoose to utilize or distribute the products and services of our competitors, which could materially reduce our revenues and profits.

We compete for business, customers, agents and other distribution relationships with many insurance companies, financial services companies, mobile device repair and logistics companies, technology and software companies and specialized competitors that focus on one market, product or service for business and customers, and for agents and other distribution relationships.service. Some of our competitors may offer a broader array of products and services than we do or be better able to tailor those products and services to customer needs, or may have greater diversity of distribution resources, better brand recognition, more competitive pricing, lower costs, greater financial strength, more resources or higher ratings.

There is a risk that purchasers may be able to obtain more favorable terms and offerings from competitors, rather than renewing coverage with us.vendors or other third parties, including pricing and technology. Additionally, customers may turn to our competitors as a result of our failure to deliver on customer expectations, product or service flaws, technology issues, gaps in operational support or other issues affecting customer experience. As a result, competition may adversely affect the persistency of our policies, as well as our ability to sell products and provide services. In addition, some of our competitors may price their products or services below ours, putting us at a competitive disadvantage and potentially adversely affecting our revenues and results of operations.

General economic, financial market and political conditions and conditions in the markets in which we operate may negatively affect the results of our business segments.

General inflationary pressures may affect repair and replacement costs on our real and personal property lines, increasing the costs of paying claims. Inflationary pressures may also affect the costs associated with our preneed insurance policies, particularly those that are guaranteed to grow with the CPI. Conversely, deflationary pressures may affect the pricing of our products and services.

Our international operations face economic, political, legal, compliance, regulatory, operational and other risks. For example, we face the risk of restrictions on currency conversion or the transfer of funds; burdens and costs of compliance with a variety of foreign laws and regulations and the associated risk and costs of non-compliance; exposure to undeveloped or evolving legal systems, which may result in unpredictable or inconsistent application of laws and regulations; exposure to commercial, political, legal or regulatory corruption; political, economic or other instability in countries in which we conduct business, including possible terrorist acts; the imposition of tariffs, trade barriers or other protectionist laws or business practices that favor local competition, increase costs and adversely affect our business; inflation and foreign exchange rate fluctuations; diminished ability to enforce our contractual rights; potential increased risk of data breaches; differences in cultural environments andenvironments; changes in regulatory requirements, including changes in regulatory treatment of certain products or services; exposure to local economic conditions;conditions and its impact on our clients’ performance and creditworthiness; and restrictions on the repatriation of non-U.S. investmentinvestments and earnings.

As we engage with international clients, we may make certain up-front commission payments or similar cash outlays, which we may not recover if the business does not develop as we expect. These up-front payments are typically supported by various protections, such as letters of credit, letters of guarantee and real estate, but we may not fully or timely recover our initial outlays and other amounts owed to us fullyas a result of difficulties in enforcing contracts or timely.judgments in undeveloped or evolving legal systems and other factors. As our international business grows, we rely increasingly on fronting carriers or intermediaries in certain countries to maintain their licenses and product approvals, satisfy local regulatory requirements and continue in business. If they fail to do so, our business, reputation and relationships with our customers could be adversely affected.

Our insurance operations expose us to claims arising out offrom catastrophes and non-catastrophes, (losses such as theft and vandalism), particularly in our homeowners insurance businesses. Catastrophes include reportable catastrophe losses, which are individual catastrophe events that generated losses in excess of $5.0 million, pre-tax and net of reinsurance. Non-catastrophe losses include losses from weather, fire, water damage, theft and vandalism, as well as general liability in commercial liability, renters and car-sharing insurance policies, among others.

We have experienced, and expect to continue to experience, catastrophe and non-catastrophe losses that materially reduce our profitability or have a material adverse effect on our results of operations and financial condition. Catastrophes include reportable catastrophe losses (individual catastrophe events that generated losses in excess of $5.0 million, pre-taxcan be man-made, including terrorist attacks and net of reinsurance). Catastrophesaccidents, or can be caused by various natural events, which may be exacerbated by climate change, including but not limited to, hurricanes, windstorms, earthquakes, hailstorms, floods, severe winter weather, fires and epidemics, or can be human-made catastrophes, including terrorist attacks or accidents such as airplane crashes.epidemics.

Natural catastrophe trends are changing due to climate change, a phenomenon linked to rising global temperatures and resulting in changes in weather patterns. While the exact impact of the physical effects of climate change is uncertain, changes in the global climate may cause long-term increases in the frequency and severity of weather events, particularly in coastal areas, and result in increased claims and higher catastrophe losses, which could have a material adverse effect on our results of operations and financial condition. We also cannot predict how legal, regulatory and social responses to concerns around climate change may impact our business. While the frequency and severity of both man-made and natural catastrophes are inherently unpredictable, increases in the value and geographic concentration of insured property, the geographic concentration of insured lives and the effects of inflation could increase the severity of claims from future catastrophes. While the exactIn addition, legislative and regulatory initiatives and court decisions following major catastrophes could expand insurance coverage for catastrophe claims or otherwise adversely impact of the physical effects of climate change is uncertain, changes in the global climate may cause long-term increases in the frequency and severity of storms, resulting in higher catastrophe losses, which could materially affect our results of operations and financial condition.business.

Catastrophe losses can vary widely and could significantly exceed our expectations. We use catastrophe modeling tools that help estimate our probable losses, but these projections are based on historical data and other assumptions, including with respect to climate change and seasonal weather variations, that may differ

on our results of operations and financial condition, affecting our ability to write new business. We may also lose premium income due to a large-scale business interruption caused by a natural or human-made catastrophe or by legislative or regulatory reactions to the event. Such an eventcondition. In addition, claims from catastrophic events could also causeresult in substantial volatility in our results of operations and financial results from period to period and could materially reduce our profitability.condition for any particular fiscal quarter or year.

Accounting rules do not permit insurers to reserve for such catastrophic events before they occur. Once a catastrophic event occurs, the establishment of appropriate reserves is an inherently uncertain and complex process. The ultimate cost of losses may vary materially from recorded reserves and such variance may have a material adverse effect on our results of operations, capitalfinancial condition and financial condition.capital.

Because Global Housing’s lender-placed homeowners and lender-placed manufactured housing insurance products are designed to automatically provide property coverage for client portfolios, our concentration inexposure to certain catastrophe-prone states likelocations, such as Florida, California, Texas, and New York and Puerto Rico, may increase. The withdrawal of other insurers from these or other states may lead to adverse selection and increased use of our products in these areas and may negatively affect our loss experience.

In addition, with respect to our preneed insurance policies, the average age of our policyholders iswas approximately 73 years. This group isyears as of December 31, 2019. Elderly individuals are generally more susceptible to certain epidemics than the overall population, and an epidemic resulting in a higher incidence of mortality could have a material adverse effect on our results of operations and financial condition.

The risk of business disruption is more pronounced in certain geographic areas, including major metropolitan centers, such as New York City, where our corporate offices are located, and certain catastrophe-prone areas, such as Miami, Florida, where we have significant operations. This risk is also heightened in certain countries and regions in which we operate that are subject to higher potential threat of terrorist attacks, military conflicts, political instability and data breaches.

A disaster or other business continuity event on a significant scale or affecting our key businesses or our data center, or our inability to successfully recover from such an event and any legislative and regulatory responses thereto, could materially interrupt our business operations and result in material financial condition.loss, loss of human capital, regulatory actions, reputational harm, loss of customers or damaged customer relationships, legal liability and other adverse consequences. Our liability insurance policies may not fully cover, in type or amount, the cost of a successful recovery in the event of such a disruption.

From time to effectively identifytime, we have and capitalize on opportunitiesmay continue to enter into joint ventures and franchises and invest in entities in which we share ownership or management with third parties. In certain circumstances, we may not have complete control over governance, financial reporting, operations, legal and regulatory compliance or other matters relating to such joint ventures, franchises or entities. As a result, we may face certain operating, financial, legal and regulatory compliance and other risks relating to these joint ventures, franchises and entities, including risks related to the financial strength of joint venture partners, franchisees and other investors; the willingness of joint venture partners, franchisees and other investors to provide adequate

funding for organic growth depends, amongthe joint venture, franchise or entity; differing goals, strategies, priorities or objectives between us and joint venture partners, franchisees or other things, oninvestors; our abilityinability to identifyunilaterally implement actions, policies or procedures with respect to the joint venture, franchise or entity that we believe are favorable; legal and successfully enterregulatory compliance risks relating to actions of the joint venture, franchise, entity, joint venture partners, franchisees or other investors; the risk that the actions of joint venture partners, franchisees and marketother investors could damage our services in new geographic marketsbrand image and market segments, our ability to recruit and retain qualified personnel, our ability to coordinate our efforts across various geographic markets and market segments, our ability to maintain and grow relationships with our existing customers and expand our customer base, our ability to offer new products and services, our ability to form strategic alliances and partnerships, our ability to secure key vendor and distributor relationshipsreputation; and the availability of sufficient capital. There can be no assurancerisk that we will be successfulunable to resolve disputes with joint venture partners, franchisees or other investors. As a result, joint ventures, franchises and investments in executing onwhich we share ownership or management subject us to risk and may contribute significantly less than anticipated to our organic growth initiatives, or that those initiatives will provide us with the expected benefits, which could have an adverse effect on our results of operationearnings and financial condition.cash flows.

We distribute many of our insurance products and services through a variety of distribution channels, including mobile carriers, financial institutions, mortgage lenders and servicers, retailers, funeral homes, association groups, and other third-party marketing organizations.organizations and, to a limited extent, our own captives and affiliated agents. Our relationships with these distributors are significant both for our revenues and profits. We generally do not distribute our insurance products and services through our own captives or affiliated agents. There is intense competition for distribution outlets. Agents who distribute our products are oftentypically not exclusively dedicated to us, but also market the products of our competitors. In some cases, such agents aremay be affiliated with other insurers whichwho may choose to write the product theythat such agents are now selling on our behalf. Therefore, we face continued competition from competing products and services.

We also have our own sales representatives. We depend in large part on our sales representatives and segment executives to develop and maintain client relationships. Our inability to attract and retain effective sales representatives and executives with key client relationships could materially adversely affect our results of operations and financial condition.

As we continue to improve operating efficiencies, across the business, we have outsourced and may continue to outsource selected functions to vendersrely on vendors and other third parties, including independent contractors.contractors, to conduct business and provide services to our clients. For example, we outsource certain key functions in our mortgage solutions businesses to certain independent contractors who we believe offer us expertise, as well as scalabilityuse vendors and cost effective services. We have also outsourced certainother third parties for business, and information technology, services, as well as call centercenters, facilities management and other services. We generally take steps to monitor and regulate the performance of these independentvendors and other third parties, including in our agreements with such parties, but our vendor oversight controls could prove inadequate. Since we do not fully control the actions of vendors and other third parties, we are subject to the risk that their decisions or operations adversely impact us and replacing them could create significant delay and expense. If these vendors or other third parties fail to satisfy their obligations to the Company as a result of their performance, changes in their operations, financial condition or other matters beyond our control,us or if they fail to protectcomply with legal or regulatory requirements in a high-quality and timely manner, our data or the data of our customers, the Company’s operations and reputation could be compromised, we may not realize the anticipated economic and other benefits from these arrangements and we could suffer adverse legal, regulatory and regulatoryfinancial consequences. In addition, ifthese third parties face their own technology, operating, business and economic risks, and any significant failures by them, including the improper use or disclosure of our confidential client, employee or Company information or failure to comply with applicable law, could cause harm to our reputation or otherwise expose us to liability. An interruption in or the cessation of service by any service provider as a result of systems failures, capacity constraints, financial difficulties or for any other reason could disrupt our operations, impact our ability to offer certain products and services and result in contractual or regulatory penalties, liability claims from clients or employees, damage to our reputation and harm to our business. If we are unable to attract and retain relationships with qualified vendors, independent contractors and other third-party service providers, or if changes in law or judicial decisions require such independent contractors to be classified as employees, our mortgage solutions businessesbusiness could be significantly adversely affected.

The value of the mobile devices that we collect and refurbish for our clients may fall below the prices we have paid or guaranteed, which could adversely affect our profitability. In our mobile business, we carry inventory to meet the delivery requirements of certain clients and we provide the guaranteed buyback of devices as part of our trade-in and upgrade offerings. These devices are ultimately disposed of through sales to third parties. Our mobile business is subject to the risk that the value of the devices and parts will be adversely affected by price reductions, or technological changes affecting the usefulness or desirability of the devices and parts, physical problems resulting from faulty design or manufacturing, as well as increased competition and growing industry emphasis on cost containment. The value of devices may also be impacted by any adverse trade relationship between the U.S. and China, including with respect to trade policies, treaties, government relations, tariffs and

other trade restrictions. If the value of devices or parts is significantly reduced, it could have a material adverse effect on our profitability.

We communicate with and distribute our products and services ultimately to individual consumers. There may be a perception that some of these purchasers may be unsophisticated and in need of consumer protection. Accordingly, from time to time, consumer advocacy groups orand the media may focus their attention on our products and services, thereby subjectingwhich may subject us to negative publicity.

Negative publicity may cause increased regulation and legislative scrutiny of industry practices as well as increased litigation or enforcement action by civil and criminal authorities. Additionally, negative publicity may increase our costs of doing business and adversely affect our profitability by impeding our ability to market our products and services, constraining our ability to price our products appropriately for the risks we are assuming, requiring us to change the products and services we offer or increasing the regulatory burdens under which we operate.

The Company recently underwent a multi-year transformation to position itself for long-term profitable growth. This process included a business portfolio realignment to focus on the housing and lifestyle markets and a new global enterprise operating model. In connection with the transformation, the Company substantially exited the health insurance market and sold its employee benefits business. In addition, the Company began the implementation of new global organizational structures for its business operations under a COO and key support functions. The Company appointed key executives such as a new CFO and a newly created Chief Technology Officer and Chief Risk Officer. As part of the new global organizational model, the Company integrated decentralized business operating structures and support functions in orderour strategy, we are seeking to increase efficiencies and achieve cost savings. However, the Companysavings while investing in technology and capabilities to support growth. We will continue to incur costs related to, the transformation, includingamong other things, investments in large-scale, critical programs, particularly in information technology procurementsystems and other initiatives,infrastructure, as well as costs associated with businesses in run offrunoff or that have

We also rely on the continued service of key executives, members of our senior management team and other highly-skilled personnel throughout all levels of our business. Our business could be harmed if we are unable to retain or motivate key personnel, hire qualified personnel or maintain our corporate culture. We believe that our future success depends in substantial part on our ability to recruit, hire, motivate, develop, and retain talented and highly-skilled personnel. Doing so may be difficult due to many factors, including fluctuations in economic and industry conditions, employee tolerance for the significant amount of change within and demands on our company,the Company, the effectiveness of our compensation programs and competition. If we do not succeed in attracting, retaining and motivating our existing key employees and in attracting new key personnel, our revenue growth and profitability may be materially adversely affected. Furthermore, our business and results of operations could be adversely affected if we fail to adequately plan for and successfully carry out the succession of our key executives and senior management and other key executives.management.

Our reputation is criticalability to maintainingattract and developing relationships withretain employees and clients depends upon our clientscorporate culture. Our employees are the cornerstone of our culture and distributors.acts of misconduct by any employee, and particularly by senior management, could erode trust and confidence and damage our reputation. Our employees could engage or be accused of engaging in misconduct that adversely affects our business. We could be subjectsubjects us to litigation, regulatory sanctions, financial costs and serious harm to our reputation or financial position if an employee were to engage or be accused of engaging in illegal or suspicious activities.position. Employee misconduct could also prompt regulators to allege or to determine, on the basis of such misconduct, that we have not established an adequate supervisory systems and proceduresprogram to inform employees of applicable rules or to detect and deter violations of such rules. It is not always possible to deter employee misconduct and the precautions we take to detect and prevent misconduct may not be effective in all cases.effective. Misconduct by employees, or even unsubstantiated allegations, could result inhave a material adverse effect on our financial position, reputation and business.

Our common stock price could materially fluctuate or decrease in response to a number of events and factors, including: quarterly variations in our business.operating results; catastrophe losses; operating and stock price performance of comparable companies; changes in our insurance subsidiaries’ financial strength ratings; changes in our corporate debt ratings; limitations on premium levels or the ability to maintain or raise premiums on existing policies; regulatory developments; and negative

Financial Risks

Our profitability could vary depending on our abilitybe reduced if we are unable to accurately predict and price for claims and other costs, including but not limited to, the frequency and severity of property and other claims. This ability could be affected by factors such asincluding inflation, changes in the regulatory environment, changes in industry practices, changes in legal, social or environmental conditions or new technologies. Political or economic conditions can also affect the availability of programs on which our business may rely to accurately predict claims and other costs. The inability to accurately predict and price for claims and other costs could materially adversely affect our results of operations and financial condition.

A.M. Best, Moody’sFor Global Housing, our lender-placed products are not underwritten on an individual policy basis and S&P rateour contracts with clients require us to issue these policies automatically when a borrower’s insurance coverage is not maintained. Our results of operations and financial condition could be adversely affected if our pricing does not accurately account for the additional risk we assume from ensuring that all client properties are provided continuous insurance coverage rather than underwriting on individual policies.

Ratings are important considerations in establishing the competitive position of insurance companies. A.M. Best rates most of our domestic and significant international operating insurance subsidiaries. Moody’s rates four of our domestic operating insurance subsidiaries and S&P rates five of our domestic operating insurance subsidiaries. These ratings are subject to periodic review by A.M. Best, Moody’s and S&P, and we cannot assure that we will be able to retain them. Rating agencies may change their methodology or requirements for determining ratings, or they may become more conservative in assigning ratings. Rating agencies or regulators could also increase capital requirements for the Company’sour subsidiaries. Any reduction in these ratings could materially adversely affect our standing in the insurance industry and the demand for our products from intermediaries and consumers, andwhich could materially adversely affect our results.

As of December 31, 2017,2019, our operations had a significant number of contracts that contain provisions that require the applicable subsidiaries to maintain minimum financial strength ratings, typically from A.M. Best, ranging from “A” or better to “B+” or better, depending on the contract. Our clients may terminate these contracts or fail to renew them if the subsidiaries’ ratings fall below these minimums. Termination of or failure to renew these agreements could materially and adversely affect our results of operations and financial condition.

Currently, the Company’sAssurant, Inc.’s senior debt is rated BBB+BBB by S&P and Baa2Baa3 by Moody’s. Following the announcement of the transaction with TWG, in October 2017,The ratings from both S&P placed the Company’s debt ratings on Creditwatch Negative and Moody’s placed the Company’s debt and financial strength ratings under review for downgrade. currently carry a stable outlook.

If our senior debt credit ratings were downgraded below investment grade, our business, financial positioncondition and results of operations, and perceptions of our financial strength, could be adversely affected. In particular, a decrease in our senior debt credit ratingsdowngrade could adversely affect our liquidity, increase our borrowing costs, decrease demand for our debt securities and increase the expense and difficulty of financing our operations. WeFor example, the interest rate payable on each of the 2021 Senior Notes, the 2023 Senior Notes, the 2028 Senior Notes and the 2030 Senior Notes (each as defined hereafter) is subject to increase if either of Moody’s or S&P downgrades the credit rating assigned to such series of senior notes to Ba1 or below or to BB+ or below, respectively. Additionally, we could also be subject to more restrictive financial and operational covenants in any indebtedness we issue in the future, which could reduce our operational flexibility. There can be no assurance that our credit ratings will not be downgraded.downgraded further. See Note 19 to the Consolidated Financial Statements included elsewhere in this Report for additional information on the 2021 Senior Notes, the 2023 Senior Notes, the 2028 Senior Notes and the 2030 Senior Notes, and the impact of rating changes.

While most of our costs and revenues are in U.S. dollars,Dollars, some are in other currencies. Because our financial results in certain countries are translated from local currency into U.S. dollarsDollars upon consolidation, theour results of our operations have been and may continue to be affected by foreign exchange rate fluctuations. To a large extent, we do not currently hedge foreign currency risk. If the U.S. dollarDollar weakens against a local currency, the translation of our foreign-currency-denominated balances will result in increased net assets, net revenue, operating expenses and net income or loss.income. Similarly, our net assets, net revenue, operating expenses and net income or loss will decrease if the U.S. dollarDollar strengthens against a local currency. These fluctuations in currency exchange rates may result in gains or losses that materially and adversely affect our results of operations.

As a result of the TWG acquisition, we added a considerable amount of goodwill and other intangible assets to our balance sheet. Goodwill represented 21%41% of our total equity as of December 31, 2017.2019. We review our goodwill annually in the fourth quarter for impairment or more frequently if circumstances indicating that the asset may be impaired exist or we change our reportable segments and related reporting units.indicators of impairment exist. Such circumstances could include, a sustained significant decline in our share price, a decline in our actual or expected future cash flows or income,but are not limited to, a significant adverse change in legal factors, an adverse action or assessment by a regulator, unanticipated competition, loss of key personnel or a significant decline in our expected future cash flows due to changes in company-specific factors or the broader business climate, or slower growth rates, among others. Circumstances such as those mentioned above could trigger an impairment of some or all of the remaining goodwill on our balance sheet, which could have a material adverse effect on our profitability and book value per share. For more information on our annual goodwill impairment testing and the goodwill of our segments, please see “Item 7 - Management's Discussion and Analysis - Critical Factors Affecting Results - Value and Recoverability of Goodwill.”climate. In addition, other intangible assets collectively represented 7%10% of our total equity as of December 31, 2017. An2019. Estimated useful lives of finite intangible assets are reassessed on an annual basis. Generally, other intangible assets with finite lives are only tested for impairment if there are indicators of impairment identified, including

As a public company, we are required to maintain effective internal control over financial reporting. While management has certified that our internal control over financial reporting was effective as of December 31, 2017,2019, because internal control over financial reporting is complex, we cannot assure youthere can be no assurance that our internal control over financial reporting will be effective in the future. We also rely on manual processes and procedures that subject us to increased risk of error and internal control failure compared to automated processes. Any failure to implement required controls, or difficulties or errors encountered in their operation, could adversely affect our results of operations or cause us to fail to meet our reporting obligations. If we are not able to maintain or document effective internal control over financial reporting, our independent registered public accounting firm would be unable to certify the effectiveness of our internal control over financial reporting or opine that our financial statements fairly present, in all material respects, theour financial position, results of operations and cash flows of the Company in conformity with GAAP. Internal control deficiencies may also prevent us from reporting our financial information on a timely basis or cause us to restate previously issued financial information, and thereby subject us to litigation and adverse regulatory consequences, including fines and other sanctions, and result in a breachsanctions. If any of the covenants under our credit agreements. Investorforegoing were to occur, investor confidence in the Companyus and the reliability of our financial statements could erode, resulting in a decline in our sharestock price, and impairing our ability to raise capital.

In previous years, theThe global capital and credit markets have experienced extremeperiods of uncertainty, volatility and disruption. In many cases, companies’disruption, including due to changes to U.S. and foreign tax and trade policies, imposition of new or increased tariffs, other trade restrictions, other government actions, foreign currency fluctuations and other factors. Our ability to raise money wasduring such periods could be severely or entirely restricted. Although conditions in the capital and credit markets are currently stable, they could again deteriorate. Our ability to borrow or raise money is important if our operating cash flow is insufficient to pay our expenses, meet capital requirements, repay debt, pay dividends on our common and preferred stock or make investments. The principal sources of our liquidity are insurance premiums, fee income, cash flow from our investment portfolio, the Credit Facility (as defined below) and liquid assets, consisting mainly of cash or assets that are readily convertible into cash. Sources of liquidity in normal markets also include a variety of short-and long-term instruments.

Investment returns are an important part of our profitability. SignificantOur investments are subject to market-wide risks and fluctuations, including in the fixed maturity marketand equity securities markets, which could impair our profitability, financial condition and cash flows. Our investmentsFurther, in pricing our products and services, we incorporate assumptions regarding returns on our investments. Market conditions may not allow us to invest in assets with sufficiently high returns to meet our pricing assumptions and profit targets over the long term.

We are subject to market-wide risks and fluctuations, as well as to risks inherentinterest rate risk in particular securities. In addition, certain factors affecting our business, such as volatility of claims experience, could force us to liquidate securities or other investments prior to maturity, causing us to incur capital losses. See “Item 7A - Quantitative and Qualitative Disclosures About Market Risk - Interest Rate Risk.”

We are subject to credit risk in our investment portfolio, primarily from our investments in corporate bonds, preferred stocks, leveraged loans, municipal bonds and commercial mortgages. Defaults by third parties in the payment or performance of their obligations could reduce our investment income and realized investment gains or result in the continued recognition ofrealized investment losses. The value of our investments may be materially adversely affected by increases in interest rates, downgrades in the corporate bonds included in theour portfolio, increases in treasury rates or credit spreads and by other factors that may result in the continued recognition ofrealized and unrealized investment losses and other-than-temporary impairments. The determination that a security has incurred an other-than-temporary impairment requires the judgment of management and there are inherent risks and uncertainties involved in making these judgments. Changes in facts, circumstances or critical assumptions could cause management to conclude that further impairments have occurred, which could lead to additional losses on investments. Each of these events may cause us to reduce the carrying value of our investment portfolio. For further details on net investment losses and other-than-temporary-impairments, see Note 8 to the Consolidated Financial Statements included elsewhere in this Report.

We currently invest in equityEquity securities representingrepresented approximately 3% of the fair value of our total investments as of December 31, 2017.2019. However, we have had higher percentages of equity securities in the past and may make more suchequity investments in the future. Investments in equity securities generally are expected to provide higher expected total returns but present greater risk to preservation of capital than our fixed maturity investments.securities. Beginning January 1, 2018, all such equity securities will bewe were required to havereflect all changes in the fair value reflectedof equity securities through theour statements of comprehensive income, statement which may increase the volatility of our financial results (seeresults. See Note 2 to the Consolidated Financial Statements included elsewhere in this Report for more information).

Our investments in commercial mortgage loans on real estate investments (which represented approximately 6% of the fair value of our total investments as of December 31, 2017)2019) are relatively illiquid. If we require extremely large amounts of cash on short notice, we may have difficulty selling these investments at attractive prices and in a timely manner.

OnTax laws and regulations, or their interpretation and application, are subject to significant change and may adversely affect our results of operations and financial condition. For example, on December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “TCJA”) was enacted,, which significantly amendsamended the Internal Revenue Code of 1986. The TCJA, among other things, reduces the corporate tax rate from a statutory rate of 35% to 21%, imposes a one-time transition tax on offshore earnings at reduced rates, allows immediate deductions for certain new investments and modifies or repeals many business deductions. While we are currently evaluating the effects of1986, was enacted. Compliance with the TCJA we expectmay require the legislation will have a favorable impact oncollection of information not regularly produced within the Company, the use of estimates in our financial results beginningConsolidated Financial Statements, and the exercise of significant judgment in 2018. In addition, the enactment of the TCJA resulted in a favorable tax benefit of $177.0 million as a result of the Federal corporate rate change as applied to our deferred tax assets and liabilities as of the enactment date. We also estimate that the one-time transition tax will have no impact on our results of operation. However, theaccounting for its provisions. The overall impact of the TCJA is uncertain due to the ambiguities in the application of certain provisions of the TCJA, the impact of future guidance, interpretations or rules issued by government agencies in applying the TCJA and potential court decisions interpreting the legislation. ChangesFuture changes in U.S. tax laws, including changes in the application or interpretation of the TCJA, could have an adverse impact on our results of operationoperations and financial condition.

In accordance with applicable income tax guidance, the Companywe must determine whether itsour ability to realize the value of itsour deferred tax asset or to recognize certain tax liabilities related to uncertain tax positions is “more likely than not.” Under current income tax guidance, a deferred tax asset should be reduced by a valuation allowance, or a liability related to uncertain tax

positions should be accrued, if, based on the weight of all available evidence, it is more likely than not that some portion of the deferred tax asset will not be realized. The realization of deferred tax assets depends upon the existence of sufficient taxable income of the same character during the carryback or carry-forward periods.

In determining the appropriate valuation allowance, management made certain judgments relating to recoverability of deferred tax assets, use of tax loss and tax credit carry-forwards, levels of expected future taxable income and available tax

As part of our overall risk and capacity management strategy, we purchase reinsurance for certain risks underwritten by our various operating segments. Although the reinsurer isreinsurers are liable to us for claims properly ceded under theour reinsurance arrangements, we remain liable to the insured as the direct insurer on all risks reinsured. Ceded reinsurance arrangements therefore do not eliminate our obligation to pay claims. We are subject to credit risk with respect to our ability to recover amounts due from reinsurers. The inability to collect amounts due from reinsurers could materially adversely affect our results of operations and our financial condition.

Reinsurance for certain types of catastrophes could become unavailable or prohibitively expensive for some of our businesses. In such a situation, we might also be adversely affected by state and other regulations that prohibit us from excluding catastrophe exposures or from withdrawing from or increasing premium rates in catastrophe-prone areas.

Our reinsurance facilities are generally subject to annual renewal. We may not be able to maintain our current reinsurance facilities and, even where highly desirable or necessary, we may not be able to obtain other reinsurance facilities in adequate amounts and at favorable rates. Inability to obtain reinsurance at favorable rates or at all could cause us to reduce the level of our underwriting commitments, to take more risk, or to incur higher costs. TheseAny of these developments could materially adversely affect our results of operations and financial condition.

In the past, we have sold, and in the future we may sell, businesses through reinsurance ceded to third parties. We have also exited certain businesses through reinsurance. For example, in 2000 we have sold our Long TermLong-Term Care (“LTC”) division, the insurance operations of our Fortis Financial Group division, including individual life operations and annuity business, and our Assurant Employee Benefits segment. The reinsurance recoverable relating to these dispositions was $4.46 billion as of December 31, 2019. The four reinsurers with the largest reinsurance recoverable balances relating to these dispositions were Sun Life Assurance Company of Canada (“Sun Life”), John Hancock Life Insurance Company (“John Hancock”), now a subsidiaryTalcott Resolution Life and Annuity Insurance Company (“Talcott Resolution”) and Employers Reassurance Corporation (“ERAC”). The A.M. Best ratings of Manulife Financial Corporation; in 2001 we sold the insurance operations of our Fortis Financial Group (“FFG”) division to The Hartford Financial Services Group, Inc. (“The Hartford”); and in 2016, we sold our Assurant Employee Benefits segment to Sun Life, Assurance Company of Canada (“Sun Life”).John Hancock and Talcott Resolution are currently A+, A+ and B++, respectively. A.M. Best withdrew its rating for ERAC in March 2019. Most of the assets backing reserves coinsuredreinsured under these and other sales are held in trusts or separate accounts. However, if the reinsurers became insolvent, the assets in the trusts and/or the separate accounts could prove insufficient to support the liabilities that would revert to us.

We also face the risk of again becoming responsible for administering these businesses in the event of reinsurer insolvency. We do not currently have the administrative systems and capabilities to process these businesses. Accordingly, we would need to obtain those capabilities in the event of an insolvency of one or more of the reinsurers. We might be forced to obtain such capabilities on unfavorable terms with a resulting material adverse effect on our results of operations and financial condition. In addition, other third parties to whom we have sold businesses in the past may in turn sell these businesses to other third parties, through reinsurance or otherwise, and we could face credit risks and risks related to the new administrative systems and capabilities of these third parties in administering these businesses.

We are subject to the credit risk of some of the clients, third partyagents, third-party administrators and agentsclients with which we contract in our businesses. For example, we advance agents'agents’ commissions as part of our preneed insurance offerings. These advances are a

percentage of the total face amount of coverage. There is a one-year payback provision against the agency if death or lapse

In addition, some of our clients, third partyagents, third-party administrators and agentsclients collect and report premiums or pay claims on our behalf. These parties'parties’ failure to remit all premiums collected or to pay claims on our behalf on a timely and accurate basis could have an adverse effect on our results of operations.

As a holding company whose principal assets are the capital stock of our subsidiaries, Assurant, Inc. relieswe rely primarily on dividends and other statutorily permissible payments from our subsidiaries to meet our obligations for payment of interest and principal on outstanding debt obligations, to repurchase shares or debt, to acquire new businesses and to pay dividends to common and preferred stockholders and corporate expenses. TheOur subsidiaries’ ability of our subsidiaries to pay dividends and to make such other payments depends on their GAAP equity or statutory surplus, future statutory earnings, cash position, rating agency requirements and regulatory restrictions.restrictions, as applicable. Except to the extent that Assurant, Inc. iswe are a creditor with recognized claims against our subsidiaries, claims of theour subsidiaries’ creditors, including policyholders, have priority over our claims with respect to theour subsidiaries’ assets and earnings of the subsidiaries.earnings. If any of our subsidiaries should become insolvent, liquidate or otherwise reorganize, our creditors and stockholders will have no right to proceed against theirour subsidiaries’ assets or to cause the liquidation, bankruptcy or winding-up of the subsidiaryour subsidiaries under applicable liquidation, bankruptcy or winding-up laws. The applicable insurance laws of the jurisdiction where each of our insurance subsidiaries is domiciled would govern any proceedings relating to that subsidiary and the insurance authority of that jurisdiction would act as a liquidator or rehabilitator for the subsidiary. Both creditors and policyholders of the subsidiary would be entitled to payment in full from the subsidiary’s assets before Assurant, Inc., as a stockholder, would be entitled to receive any distribution from the subsidiary.

Our declaration and payment of dividends on our common and preferred stock in the future will be determined by the Board in its sole discretion and will depend on our financial condition, earnings, growth prospects, other uses of cash, funding requirements, applicable law and other factors the Board deems relevant. The payment of dividends on our common stock is subject to the preferential rights of our 6.50% Series D Mandatory Convertible Preferred Stock, par value of $1.00 per share (the “MCPS”), and other preferred stock that the Board may create from time to time. The Credit Facility also containcontains limitations on our ability to pay dividends to our stockholders if we are in default, or such dividend payments would cause us to be in default, of our obligations underthereunder. In addition, if we defer the credit facilities.

The U.K. Financial Conduct Authority has announced that it will no longer persuade or compel banks to submit rates for the calculation of LIBOR rates after 2021, which is expected to result in LIBOR rates no longer being available. In the U.S., the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions convened by the U.S. Federal Reserve, has recommended the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to U.S. Dollar LIBOR. The calculation of interest on any of our LIBOR-linked instruments, including our Credit Facility if drawn, based on an alternative rate may result in a higher interest expense and may adversely affect our cash flows and results of operations. In addition, uncertainty regarding potential changes to LIBOR until 2021, the establishment of SOFR or an alternative reference rate as the primary reference for setting interest rates on loans globally, and other corporate expenses.reforms may adversely affect the trading market for LIBOR-based securities, including those held in our investment portfolio.

Technology, Cybersecurity and Privacy Risks

The success of our business depends on our ability to maintain effective, secure and reliable information technology systems and infrastructure and to enhance our technologymodernize them to support the Company’s businesscurrent and new clients and grow in an efficient and cost-effective manner. This requires us to maintain effective planning and management processes and certain other automated management and accounting systems as well as to continually upgrade product and service offerings and support growth, as our ability to integrate our systems with thoseWe are undergoing a multi-year transformation of our clients is critical to our success. Our information technology systems rely on the commitment of significant financial and managerial resources to maintain and enhanceinfrastructure, including enhancing existing systems as well as develop and createdeveloping new systems and products, to support our strategy and keep pace with continuing changes in information processing technology orand evolving industry and regulatory requirements. We are also updating certain operations and financial systems, procedures and controls. However, we currently rely on manual processes and procedures that subject us to increased risk of error and internal control failure compared to automated processes. We must also integrate the systems of acquired businesses effectively so that technology gained through acquisitions meets the required level of security and performance capabilities to avoid additional risk to existing operations. We periodically update

Our ability to modernize our operationsinformation technology systems and financial systems, proceduresinfrastructure requires us to execute large-scale, complex programs and controls; however; we stillprojects, which rely on manual processesthe commitment of significant financial and procedures thatmanagerial resources and effective planning and management processes. We may not scale proportionately with our business growth. Our information systems will continuebe unable to require automation, modificationsimplement these programs and improvements to respond to currentprojects effectively, efficiently or in a timely manner, which could result in poor customer experience, cost overruns, additional expenses, reputational harm, legal and future changes in our business. regulatory actions and other adverse consequences.

We receiverely on the uninterrupted and are requiredsecure operation of our information technology systems to protectoperate our business and securely process, transmit and store electronic information. This electronic information includes confidential and other sensitive information, including personal data, that we receive from our customers, vendors and other third parties. We rely on the uninterrupted and secure operation of our information technology systems to securely process, transmit and store this information. In the normal course of business, we also share confidential and other sensitive information with our vendors and other third parties.parties with whom we work. Our information technology systems and safety control systems and those of our vendors and other third parties are vulnerable to damage or interruption from a variety of external threats, fromincluding cyber-attacks, computer viruses, malware, ransomware cyber-attack and other similar breachtypes of data and systems related events. Our systems are also subject to compromise from internal threats such as improper action by employees vendors and other third parties who may have otherwise legitimate access to our systems. Our call centers subject us to additional risk from internal threats due to access to personal information. Moreover, we face the ongoing challenge of managing access controls in a complex environment. The latency of a compromise is often measured in months but could be years, and we may not be able to detect a compromise in a timely manner. We could experience significant financial and reputational harm if our information systems are breached, sensitive client or Company data are compromised, surreptitiously modified, rendered inaccessible for any period of time or maliciously made public, or if we fail to make adequate disclosures to the public or law enforcement agencies following any such event.

Cyber threats are rapidly evolving and becoming increasingly sophisticated. We are at risk of attack by a growing list of adversaries, including state-sponsored organizations, organized crime, hackers and “hacktivists” (activist hackers), through use

Our data protection measures may not be effective to protect our network and systems from such threats, which could result inthreats. Should an attacker gain access to our network using compromised credentials of an authorized user or otherwise, we are at risk that the misappropriation orattacker might successfully leverage that access to compromise of data, fraud, system disruption or shutdown.additional systems and data. Certain measures that could increase the security of our infrastructuresystems take significant time and resources to deploy broadly and may not be effective against an attack in any event. We alsoattack. Additionally, our policies, procedures and technical safeguards may be unableinsufficient to prevent or detect an incident,improper access to confidential, personal or proprietary information and other cybersecurity incidents, assess itsthe severity or impact of any such incidents or appropriately respond in a timely manner. The inability to implement, maintain and maintainupgrade effective protective measures and other safeguards or adequately respond to a breach could have a material adverse effect on our business.

We have numerous vendorsTo safeguard against the accidental introduction of security vulnerabilities, we continue to invest in the development of software in accordance with best practices. In addition, our information systems must be continually patched and upgraded to protect against vulnerabilities. As the volume of new software vulnerabilities continues to increase, as has the criticality of patches and other third parties who receive data from us in connection with the servicesremedial measures. Accordingly, we offer our customers. We are at risk of a cyber-attack involving a vendor or other third party, which could result in a breakdown of such third party’s data protection measures. To the extent that a vendor or third party suffers a cyber-attack that compromises their operations, our data or the data of our customers could be compromised or we may experience possible service interruption, which couldcyber attackers exploit these vulnerabilities before they have a material adverse effect on our business.

Our policies, proceduresThe process of integrating the information systems of the businesses we acquire is complex and technical safeguardsexposes us to additional risk. For instance, we may not adequately identify weaknesses in an acquired entity’s information systems, either before or after the acquisition, which could affect the value we are able to derive from the acquisition, expose us to unexpected liabilities or make our own systems more vulnerable to a cyber-attack. We may also be insufficientunable to preventintegrate the systems of the businesses we acquire into our environment in a timely manner, which could further increase these risks until such integration takes place.

We have from time to time experienced cybersecurity incidents, such as malware incursions, employee misconduct and incidents resulting from human error, such as loss of portable and other data storage devices. Like many companies, we are subject to regular phishing email and social media engineering campaigns directed at our employees that can result in malware infections and financial and data losses. Although these incidents have resulted in data loss and other damages, to date, they have not had a material adverse effect on our business or detect improper access tooperations. In the future, these types of incidents could result in confidential, personal or proprietary information by employees, vendorsbeing lost or other third parties with otherwise legitimatestolen, surreptitiously modified, rendered inaccessible for any period of time, or maliciously made public, including client, employee or company data, which could have a material adverse effect on our business.

Improper access to our systems.

In providing services and solutions to our customers and operating our business, we process, store and transfer sensitive customer, end-consumer and Company data, including personal data, in and across multiple jurisdictions. As a result, we are or may become subject to a variety of laws and regulations in the United StatesU.S. and abroad regarding privacy, data protection and data

security. These laws and regulations are continuously evolving and developing. The scope and interpretation of the laws that are or may be applicable to us are often uncertain and may be conflicting, particularly with respect to foreign laws. For

Unauthorized disclosure or transfer of personal or otherwise sensitive data, whether through systems failure, employee negligence, fraud, misappropriation or misappropriation,other means, by the Company,us, our vendors or other parties with whom we do business could subject us to significant litigation, monetary damages, regulatory enforcement actions, fines, and criminal prosecution and other adverse consequences in one or more jurisdictions. For example, under the GDPR, violations could result in a fine of up to 4% of a corporation’s global annual revenue. Such events could also result in negative publicity and damage to our reputation and cause us to lose clients, which could therefore have a material adverse effect on our results of operations.

Legal and Regulatory Risks

We are subject to extensive regulation under the laws of the United StatesU.S. and its various states and territories, the European UnionE.U. and its member states, and the other jurisdictions in which we operate. For example, we are subject to regulation by state and territory insurance regulators in the United States,U.S., by the Prudential Regulatory Authority and the Financial Conduct Authority in the United KingdomU.K. and agencies such as the SEC, both in our capacity as a publicly-traded company and through our registered investment advisory business.adviser subsidiary. We are also subject to anti-bribery and anti-corruption laws, such as the U.S. Foreign Corrupt Practices ActFCPA and the U.K. Anti-Bribery Act, trade sanctions, and anti-money laundering laws and export control regulations and restrictions.restrictions and anti-money laundering laws. We are subject to other laws and regulations on matters as diverse as antitrust, internal control over financial reporting and disclosure controls and procedures, data privacy and protection, taxation, environmental protection, anti-trust, wage-and-hour standards and employment and labor relations.

From time to time, we may be subject to a variety of legal and regulatory actions relating to our current and past business operations, including, but not limited to:including:

In addition, the Company isWe are involved in a variety of litigationlegal and regulatory actions relating to itsour current and past business operations and may from time to time become involved in other such actions. In particular, the Company iswe are a defendant in class actions in a number of jurisdictions regarding its lender-placed insuranceour Lender-placed Insurance programs. These cases allege a variety of claims under a number of legal theories. The plaintiffs seek premium refunds and other relief. The Company continuesWe continue to defend itselfourselves vigorously in these class actions and, as appropriate, to enter into settlements.

The premiums we charge are subject to review by regulators. If they consider our loss ratios to be too low, they could require us to reduce our rates. Significant rate reductions could materially reduce our profitability.

Lender-placed insuranceInsurance products accounted for approximately 56% and 58%55% of Global Housing’s net earned premiums, fees and other income for both of the twelve monthsyears ended December 201731, 2019 and 2016, respectively.2018. The approximate corresponding contributions to segment net income in these periods

for the years ended December 31, 2019 and 2018 were 45%approximately 52% and 56%.46%, respectively. The portion of total segment net income attributable to lender-placedLender-placed Insurance products may vary substantially over time depending on the frequency, severity and location of catastrophic losses, the cost of catastrophe reinsurance and reinstatement coverage, the variability of claim processing costs and client acquisition costs, and other factors. In addition, we expect placement rates for these products to decline in 20182020 as housing markets continue to improve.

The Company filesWe file rates with the state departments of insurance in the ordinary course of business. In addition to this routine correspondence, from time to time the Company engageswe engage in discussions and proceedings with certain state regulators regarding our lender-placed insuranceLender-placed Insurance business. The results of such reviews may vary. As previously disclosed, the Company haswe have reached agreements with thestate insurance regulators in certain states, including New York, Department of Financial Services (the “NYDFS”), the Florida, Office ofCalifornia, Indiana, Texas and Minnesota, regarding our Lender-placed Insurance Regulation (the “FOIR”) and the California Department of Insurance regarding the Company’s lender-placed insurance business in those states. In addition, the Company has reached anwe completed a regulatory settlement agreement (the “RSA”) to settleresolve a targeted multistate market conduct examination sponsored by the NAIC and focused on lender-placed insurance, includingLender-placed Insurance, which includes a number of requirements and restrictions in a regulatory settlement agreement (the “RSA”), which isthat are applicable in all participating states and U.S. territories. Among other things, the terms of the RSA will require more frequent rate filings for lender-placed insurance.Lender-placed Insurance. This could result in downward pressure on premium

Legislation or other regulatory reform related to the insurance industry that increases the regulatory requirements imposed on us or that changes the way we are able to do business may significantly harm our business or results of operations inoperations. Various state and federal regulatory authorities have also taken actions with respect to our Lender-placed Insurance business, including the future.multistate market conduct examination and related RSA. If we were unable for any reason to comply with theseany new or revised requirements, including the RSA, it could result in substantial costs to us and may materially adversely affect our results of operations and financial condition.

Insurance industry-related legislative or regulatory changes that could significantly harm our subsidiaries and us include, but are not limited to:

In addition, regulators in certain states have hired third partythird-party auditors to audit the unclaimed property records of insurance companies operating in those states. Among other companies, the Company iswe are currently subject to these audits in a number of states and hashave been responding to information requests from these auditors.

Several proposals have been adopted or are currently pending to amend state insurance holding company and other laws that increase the scope of insurance company regulation.regulation globally. The NAIC has implemented the Own Risk and Solvency Assessment, (“ORSA”), which requires U.S. insurers and insurance groups to perform an annual assessment. This requirement is being standardized across many jurisdictions. In 2017, Assurant filed ORSA reports in the United States, Canada, Mexico, Chileassessment, and Europe. Additional countries are expectedCorporate Governance Annual Disclosure reporting, which requires U.S. insurers and insurance groups to follow, with Solvency II-based regimes being implemented globally.report on their governance structure, policies and practices. Regulatory bodies are expected to increase the frequency of discussions between each other and the level of data sharing across borders in order to enable more consistent regulation of global companies.

In addition, the Credit Facility restricts payments of common stock dividends if an event of default under the Credit Facility has occurred or if a proposed common stock dividend payment would cause an event of default under the Credit Facility. Further, if we defer the payment of interest on our Subordinated Notes, we generally may not make payments on our capital stock. For more information regarding the Credit Facility, the Subordinated Notes and restrictions on the payment of dividends by us and our insurance subsidiaries, including those pursuant to the terms of our revolving credit facilities, see “Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations – Liquidity and Capital Resources.”

In addition,See Item 12 of this Report for information about securities authorized for issuance under our $450.0 million 2017 credit facility and $350.0 million term loan facility restrict payments of dividends if an event of default under the facility has occurred or if a proposed dividend payment would cause an event of default under the facility.equity compensation plans.