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Assurant Buys Stock From Former Parent

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A large insurer is investing in its own shares.

Assurant Inc., New York, has spent about $59 million to buy 1 million shares from Fortis Insurance N.V., Utrecht, the Netherlands, for a price of $59 each.

Fortis once owned Assurant. The European financial services giant separated from Assurant by spinning the company off through an initial public offering in February 2004.