ASSURANT, INC. (AIZ): restructuring charge — Assurant announces restructuring plan with $60-65M pre-tax charges; targets $55M annual savings by 2024

ASSURANT, INC.

Pre-tax restructuring charges of $60M-$65M, with $51M-$56M in Q4 2022 and remainder in 2023.
Charges include $29M-$34M for severance/benefits and ~$31M for real estate exit costs.
Gross annualized run-rate savings of ~$55M expected by year-end 2024, over half in 2023.
Actions include organizational realignment, talent reduction, and accelerated real estate consolidation.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

ASSURANT, INC. announced a restructuring with charges of approximately $60 million to $65 million affecting business portfolio and global footprint.

Type: restructuring
Charge: approximately $60 million to $65 million
Affected area: business portfolio and global footprint

Exact text from the filing

given its increasingly hybrid workforce. The Company expects to complete these actions in 2023. The Company expects to incur total pre-tax restructuring charges of approximately $60 million to $65 million, with approximately $51 million to $56 million to be incurred in fourth quarter 2022 and the remainder to be incurred in 2023. The total expected range includes

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6 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

ASSURANT, INC. filing history →

Source: SEC EDGAR

accession 0001267238-22-000044

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