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WASHINGTON - Shares of Assurant Inc. slipped to a 52-week low Friday after the specialized insurance provider reported it swung to a third-quarter loss as the value of its investments dropped and hurricane-related catastrophe losses soared.
The stock fell 57 cents, or 2.3 percent, to $24.78 in afternoon trading. Earlier, the stock traded as low as $23.17. It has ranged from $24.25 to $71.31 over the past year.
Citi analyst Keith Walsh cut his earnings estimates for 2008, 2009 and 2010 to reflect what he called "negative scenarios" in the company's specialty property and health insurance businesses. He also slashed his share price target to $36 from $60.
Walsh also said Assurant's management "did not perform well" on the conference call with analysts Thursday following the release of third-quarter earnings.
"We were surprised that management did not perform as well as usual, and would attribute the accelerating decline in the stock during the call to the lack of direct answers to questions," he wrote in a note to clients.
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