Assurant

Track record is exemplary: management emphasizes reinvestment in technology/operations and bolt-ons (e.g., repair capability, automotive distributors) while returning excess capital via buybacks and a steadily rising dividend.

Since 2019, approximately 3.6 billion has been returned to shareholders; roughly 70% of shares outstanding have been repurchased since IPO; and the dividend has increased for 20 consecutive years. 1H 2025 generated 298 million of subsidiary dividends to the holdco and returned 209 million to shareholders, reflecting consistent discipline.

SBC is modest relative to cash flow. M&A has stayed within capability adjacency with measured spend.