Financial Highlights (U.S. dollars in millions) 2010 Total Revenues Net Earned Premiums Net Investment Income Net Operating Inc
To Our Shareholders: In 2010, Assurant delivered solid results. We again affirmed the adaptability of our strategy to ongoing e
insurance business continued to deliver strong results with double-digit increases in new sales and an improvement in operating
FORM 10-K ASSURANT - 2010 ASSURANT - 2010 Annual Annual Report Report 3 3
Table of Contents PART I ITEM 1 ITEM 1A ITEM 1B ITEM 2 ITEM 3 3 Business . 3 Risk Factors . 13 Unresolved Staff Comments. 23 Pro
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10K Annual Report Pursuant to Section 13 or 15(d) o
Amounts are presented in United States of America (“U.S.”) dollars and all amounts are in thousands, except number of shares, p
PART I ITEM 1 Business PART I ITEM 1 Business Assurant, Inc. (“Assurant” or the “Company”) is a Delaware corporation formed in
PART I ITEM 1 Business Segments For additional information on our segments, see “Item 7. Management’s Discussion and Analysis o
PART I ITEM 1 Business In January 2009, we entered into an agreement to market, administer and underwrite ESC products to Whirl
PART I ITEM 1 Business insurance coverage, we initiate an extensive communication process with the mortgagee. If the mortgagee
PART I ITEM 1 Business Product and Services Assurant Health competes in the individual medical insurance market by offering medi
PART I ITEM 1 Business Assurant Employee Benefits December 31, 2010 Net Earned Premiums and Other Considerations: Group dental G
PART I ITEM 1 Business Underwriting and Risk Management The pricing of our products is based on the expected cost of benefits, c
PART I ITEM 1 Business Enterprise Risk Management As an insurer, we are exposed to a wide variety of financial, operational and
PART I ITEM 1 Business Dividend Payment Limitations The Company’s assets consist primarily of the capital stock of our subsidia
PART I ITEM 1 Business Employee Retirement Income Security Act Because we provide products and services for certain U.S. employ
PART I ITEM 1A Risk Factors Sources of Liquidity For a discussion of the Company’s sources and uses of funds, see “Item 7—Manag
PART I ITEM 1A Risk Factors customers market and distribute our products. Strong competition exists among insurers to form rela
PART I ITEM 1A Risk Factors Catastrophe losses, including man-made catastrophe losses, could materially reduce our profitability
PART I ITEM 1A Risk Factors Unfavorable conditions in the capital and credit markets may significantly and adversely affect our a
PART I ITEM 1A Risk Factors our results of operations and financial condition. See “Item 7A— Quantitative and Qualitative Disclo
PART I ITEM 1A Risk Factors foreign-currency-denominated balances will result in increased net assets, net revenue, operating e
PART I ITEM 1A Risk Factors such capabilities on unfavorable terms with a resulting material adverse effect on our results of op
PART I ITEM 1A Risk Factors policyholders of the subsidiary would be entitled to payment in full from the subsidiary’s assets b
PART I ITEM 1A Risk Factors We are subject to extensive laws and regulations, which increase our costs and could restrict the c
PART I ITEM 1A Risk Factors The insurance industry can be cyclical, which may affect our results. Certain lines of insurance tha
PART I ITEM 3 Legal Proceedings ITEM 1B Unresolved Staff Comments None. ITEM 2 Properties We own eight properties, including five
PART II ITEM 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities PAR
PART II ITEM 5 Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Ann
PART II ITEM 6 Selected Financial Data Dividend Policy On January 14, 2011, our Board of Directors declared a quarterly dividen
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations As of and for the years en
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations General We report our resu
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Critical Factors Affecting
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Reserves do not represent
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations experience and make adjust
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations The data is typically anal
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations In June 2009, ARIC and AGI
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Reinsurance Reinsurance re
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations income from gross unrealiz
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Certain of our reporting u
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations companies to make addition
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations On January 1, 2008, the Co
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations Assu
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Assurant Solutions Overvie
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Year Ended December 31, 20
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations premiums written in prior
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Assurant Specialty Propert
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations losses from California wil
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations The Affordable Care Act In
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Assurant Employee Benefits
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations average invested assets an
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Total Benefits, Losses and
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Major categories of net in
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Management evaluates the f
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations including increasing capit
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations The Pension Protection Act
PART II ITEM 7 Management’s Discussion and Analysis of Financial Condition and Results of Operations Cash Flows We monitor cash
PART II ITEM 7A Quantitative and Qualitative Disclosures About Market Risk Commitments and Contingencies We have obligations an
PART II ITEM 7A Quantitative and Qualitative Disclosures About Market Risk Interest Rate Risk Interest rate risk arises as we i
PART II ITEM 7A Quantitative and Qualitative Disclosures About Market Risk The following table presents our fixed maturity inves
PART II ITEM 8 Financial Statements and Supplementary Data As of December 31, 2009 Foreign exchange spot rate at December 31, 2
PART II ITEM 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ITEM 9 Changes in and Disag
PART III ITEM 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters PART III ITEM 10
PART III ITEM 13 Certain Relationships and Related Transactions, and Director Independence ITEM 13 Certain Relationships and Re
PART IV ITEM 15 Exhibits and Financial Statement Schedules PART IV ITEM 15 Exhibits and Financial Statement Schedules (a)1. Con
PART IV ITEM 15 Exhibits and Financial Statement Schedules Exhibit Number 3.1 3.2 4.1 4.2 4.3 10.1 10.2 10.3 10.4 10.5 10.6 10.
PART IV ITEM 15 Exhibits and Financial Statement Schedules Exhibit Number 10.27 10.28 10.29 10.30 10.31 10.32 10.33 10.34 10.35
PART IV ITEM 15 Exhibits and Financial Statement Schedules Signatures Pursuant to the requirements of Section 13 or 15(d) of th
Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Assurant, Inc.: In our op
Consolidated Balance Sheets AT DECEMBER 31, 2010 AND 2009 (in thousands except number of shares and per share amounts) December
Consolidated Statements of Operations YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008 (in thousands except number of shares and pe
Consolidated Statements of Changes in Stockholders’ Equity AT DECEMBER 31, 2010, 2009 AND 2008 Additional Paid-in Retained Comm
(in thousands except number of shares) Common Stock — Additional Paid-in Capital — Retained Earnings 279,177 Accumulated Other
Consolidated Statement of Cash Flows YEARS ENDED DECEMBER 31, 2010, 2009 AND 2008 (in thousands) 2010 $ 279,177 (761,453) (35,3
2 Summary of Significant Accounting Policies Notes to Consolidated Financial Statements December 31, 2010, 2009 and 2008 (In tho
2 Summary of Significant Accounting Policies Fair Value The Company uses an exit price for its fair value measurements. An exit
2 Summary of Significant Accounting Policies reinsurance is recognized over the terms of the underlying reinsured policies using
2 Summary of Significant Accounting Policies Goodwill Goodwill represents the excess of acquisition costs over the net fair valu
2 Summary of Significant Accounting Policies Reserves do not represent an exact calculation of exposure, but instead represent o
2 Summary of Significant Accounting Policies Deferred Gain on Disposal of Businesses The Company recorded a deferred gain on dis
2 Summary of Significant Accounting Policies Contingencies The Company follows the guidance on contingencies, which requires the
3 Business Combinations had it recorded the acquisition under the previous business combinations guidance. Earnings volatility
5 Investments in-force with Shenandoah. There were no goodwill or intangible assets associated with this agreement. On October
5 Investments December 31, 2009 Cost or Amortized Cost Fixed maturity securities: United States Government and government agenc
5 Investments The following table sets forth the net realized gains (losses), including other-than-temporary impairments, recog
5 Investments Year ended December 31, 2009 $ — 119,022 1,464 6,900 (433) (18,900) 108,053 Balance, beginning of period Credit l
5 Investments The investment category and duration of the Company’s gross unrealized losses on fixed maturity securities and equ
5 Investments The cost or amortized cost and fair value of available for sale fixed maturity securities in an unrealized loss po
6 Fair Value Disclosures or loss is recognized in the statement of operations in fees and other income. As of December 31, 2010
6 Fair Value Disclosures • Level 3 inputs are unobservable but are significant to the fair value measurement for the asset, and
6 Fair Value Disclosures December 31, 2009 Level 3 FINANCIAL ASSETS Fixed maturity securities: United States Government and gov
6 Fair Value Disclosures Year Ended December 31, 2009 Equity Securities Nonredeemable preferred Other Other Corporate stocks in
6 Fair Value Disclosures A non-pricing service source prices certain privately placed corporate bonds using a model with observ
6 Fair Value Disclosures The following table presents the Company’s fair value hierarchy for goodwill measured at fair value on
8 Income Taxes The following table discloses the carrying value and fair value of the financial instruments that are not recogni
8 Income Taxes A reconciliation of the federal income tax rate to the Company’s effective income tax rate follows: 2010 35.0 % (
8 Income Taxes The tax effects of temporary differences that result in significant deferred tax assets and deferred tax liabilitie
9 Deferred Acquisition Costs 9. Deferred Acquisition Costs December 31, 2008 2,895,345 1,410,311 (1,654,984) 2,650,672 Informat
Page 1:
2010 ANNUAL REPO
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Financial Highlights (U.S. dollars in millions) 2010 Total Reve
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To Our Shareholders: In 2010, Assurant delivered solid results.
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insurance business continued to deliver strong results with dou
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FORM 10-K ASSURANT - 2010 ASSURANT -
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Table of Contents PART I ITEM 1 ITEM 1A ITEM 1B ITEM 2 ITEM 3 3
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC
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Amounts are presented in United States of America (“U.S.”) doll
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PART I ITEM 1 Business PART I ITEM 1 Business Assurant, Inc. (“
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PART I ITEM 1 Business Segments For additional information on o
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PART I ITEM 1 Business In January 2009, we entered into an agre
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PART I ITEM 1 Business insurance coverage, we initiate an exten
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PART I ITEM 1 Business Product and Services Assurant Health com
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PART I ITEM 1 Business Assurant Employee Benefits December 31, 2
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PART I ITEM 1 Business Underwriting and Risk Management The pri
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PART I ITEM 1 Business Enterprise Risk Management As an insurer
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PART I ITEM 1 Business Dividend Payment Limitations The Company
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PART I ITEM 1 Business Employee Retirement Income Security Act
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PART I ITEM 1A Risk Factors Sources of Liquidity For a discussi
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PART I ITEM 1A Risk Factors customers market and distribute our
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PART I ITEM 1A Risk Factors Catastrophe losses, including man-m
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PART I ITEM 1A Risk Factors Unfavorable conditions in the capit
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PART I ITEM 1A Risk Factors our results of operations and financ
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PART I ITEM 1A Risk Factors foreign-currency-denominated balanc
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PART I ITEM 1A Risk Factors such capabilities on unfavorable te
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PART I ITEM 1A Risk Factors policyholders of the subsidiary wou
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PART I ITEM 1A Risk Factors We are subject to extensive laws an
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PART I ITEM 1A Risk Factors The insurance industry can be cycli
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PART I ITEM 3 Legal Proceedings ITEM 1B Unresolved Staff Comment
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PART II ITEM 5 Market for Registrant’s Common Equity, Related S
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PART II ITEM 5 Market for Registrant’s Common Equity, Related S
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PART II ITEM 6 Selected Financial Data Dividend Policy On Janua
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7 Management’s Discussion and Analysis of Financia
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PART II ITEM 7A Quantitative and Qualitative Disclosures About
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PART II ITEM 7A Quantitative and Qualitative Disclosures About
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PART II ITEM 7A Quantitative and Qualitative Disclosures About
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PART II ITEM 8 Financial Statements and Supplementary Data As o
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PART II ITEM 9 Changes in and Disagreements with Accountants on
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PART III ITEM 12 Security Ownership of Certain Beneficial Owners
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PART III ITEM 13 Certain Relationships and Related Transactions
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PART IV ITEM 15 Exhibits and Financial Statement Schedules PART
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PART IV ITEM 15 Exhibits and Financial Statement Schedules Exhi
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PART IV ITEM 15 Exhibits and Financial Statement Schedules Exhi
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PART IV ITEM 15 Exhibits and Financial Statement Schedules Sign
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Report of Independent Registered Public Accounting Firm To the
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Consolidated Balance Sheets AT DECEMBER 31, 2010 AND 2009 (in t
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Consolidated Statements of Operations YEARS ENDED DECEMBER 31,
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Consolidated Statements of Changes in Stockholders’ Equity AT D
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(in thousands except number of shares) Common Stock — Additiona
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Consolidated Statement of Cash Flows YEARS ENDED DECEMBER 31, 2
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2 Summary of Significant Accounting Policies Notes to Consolidat
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2 Summary of Significant Accounting Policies Fair Value The Comp
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2 Summary of Significant Accounting Policies reinsurance is reco
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2 Summary of Significant Accounting Policies Goodwill Goodwill r
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2 Summary of Significant Accounting Policies Reserves do not rep
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2 Summary of Significant Accounting Policies Deferred Gain on Di
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2 Summary of Significant Accounting Policies Contingencies The C
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3 Business Combinations had it recorded the acquisition under t
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5 Investments in-force with Shenandoah. There were no goodwill
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5 Investments December 31, 2009 Cost or Amortized Cost Fixed ma
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5 Investments The following table sets forth the net realized g
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5 Investments Year ended December 31, 2009 $ — 119,022 1,464 6,
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5 Investments The investment category and duration of the Compa
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5 Investments The cost or amortized cost and fair value of avai
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6 Fair Value Disclosures or loss is recognized in the statement
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6 Fair Value Disclosures • Level 3 inputs are unobservable but
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6 Fair Value Disclosures December 31, 2009 Level 3 FINANCIAL AS
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6 Fair Value Disclosures Year Ended December 31, 2009 Equity Se
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6 Fair Value Disclosures A non-pricing service source prices ce
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6 Fair Value Disclosures The following table presents the Compa
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8 Income Taxes The following table discloses the carrying value
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8 Income Taxes A reconciliation of the federal income tax rate
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8 Income Taxes The tax effects of temporary differences that resu
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9 Deferred Acquisition Costs 9. Deferred Acquisition Costs Dece
2010 Annual Report & Form 10-K
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