Munger Mode rating: 3 out of 5 — Hold. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Current Price: ~$235 Market Capitalization: ~$11.7 billion (49.5 million shares outstanding) A capable, disciplined specialty insurer with two narrow but real moats, run by management we respect. The trouble is not the business — it is the price. At roughly 2x book value and 16–17x trailing earnings on a quarter that was unusually benign for catastrophes, the margin of safety has evaporated. We would happily own this at $180; at $235 we would rather wait. Assurant is what Charlie likes to call "a sensible business in unsensible clothing." Strip away the insurance jargon and the GAAP three-card monte, and you find a company that does three things, all of them reasonably easy to understand: (a) Connected Living — They are the back-office for mobile carriers' device protection plans.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-04), 8-K (2026-05-22), 10-Q (2026-05-07).
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