NEW YORK ( TheStreet) -- Insurance company Assurant ( AIZ) was the worst performer in the S&P 500 ( AIZ) intraday Thursday. The S&P 500 rose 0.84 points, or 0.06%, to 1,395.12 early Thursday.
Shares of Assurant fell 3.13% to $40.84. A California regulator told insurance companies to lower their rates for people with previous residential policies that they have lapsed on, according to Bloomberg. Assurant is more reliant on this so-called lender-placed type of insurance coverage than some of its rivals. Assurant has an estimated price-to-earnings ratio for next year of 6.6 times; the average for life insurance companies is 11.28. For comparison, Aflac ( AFL) has a lower forward P/E of 6.54; MetLife's ( MET) forward P/E is 6.73. Eight of the 11 analysts who cover Assurant rated it hold; three analysts gave the stock a buy rating. TheStreet Ratings gives Assurant an A- grade with a buy rating and a $48.18 price target. The stock has fallen slightly year to date.