AIZ Bull Call Spread Strategy
AIZ (Assurant, Inc.), in the Financial Services sector, (Insurance - Specialty industry), listed on NYSE.
Assurant, Inc., together with its subsidiaries, provides lifestyle and housing solutions that support, protect, and connect consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service products and related services for mobile devices, consumer electronics, and appliances; vehicle protection and related services; and credit protection and other insurance products. The Global Housing segment provides lender-placed homeowners insurance, manufactured housing, and flood insurance; and renters insurance and related products, as well as voluntary manufactured housing insurance, voluntary homeowners insurance, and other specialty products. The company was formerly known as Fortis, Inc. and changed its name to Assurant, Inc. in February 2004. Assurant, Inc. was founded in 1892 and is headquartered in New York, New York.
AIZ (Assurant, Inc.) trades in the Financial Services sector, specifically Insurance - Specialty, with a market capitalization of approximately $12.02B, a trailing P/E of 12.06, a beta of 0.56 versus the broader market, a 52-week range of 183.39-247.42, average daily share volume of 397K, a public-listing history dating back to 2004, approximately 14K full-time employees. These structural characteristics shape how AIZ stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.56 indicates AIZ has historically moved less than the broader market, dampening realized volatility and producing tighter expected-move bands per unit of dollar exposure. AIZ pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a bull call spread on AIZ?
A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width.
Current AIZ snapshot
As of May 15, 2026, spot at $254.32, ATM IV 22.20%, IV rank 2.66%, expected move 6.36%. The bull call spread on AIZ below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this bull call spread structure on AIZ specifically: AIZ IV at 22.20% is on the cheap side of its 1-year range, which favors premium-buying structures like a AIZ bull call spread, with a market-implied 1-standard-deviation move of approximately 6.36% (roughly $16.19 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated AIZ expiries trade a higher absolute premium for lower per-day decay. Position sizing on AIZ should anchor to the underlying notional of $254.32 per share and to the trader's directional view on AIZ stock.
AIZ bull call spread setup
The AIZ bull call spread below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With AIZ near $254.32, the first option leg uses a $250.00 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed AIZ chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 AIZ shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 1 | Call | $250.00 | $9.45 |
| Sell 1 | Call | $270.00 | $1.80 |
AIZ bull call spread risk and reward
- Net Premium / Debit
- -$765.00
- Max Profit (per contract)
- $1,235.00
- Max Loss (per contract)
- -$765.00
- Breakeven(s)
- $257.65
- Risk / Reward Ratio
- 1.614
Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit.
AIZ bull call spread payoff curve
Modeled P&L at expiration across a range of underlying prices for the bull call spread on AIZ. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
| Underlying Price | % From Spot | P&L at Expiration |
|---|---|---|
| $0.01 | -100.0% | -$765.00 |
| $56.24 | -77.9% | -$765.00 |
| $112.47 | -55.8% | -$765.00 |
| $168.70 | -33.7% | -$765.00 |
| $224.93 | -11.6% | -$765.00 |
| $281.16 | +10.6% | +$1,235.00 |
| $337.39 | +32.7% | +$1,235.00 |
| $393.62 | +54.8% | +$1,235.00 |
| $449.85 | +76.9% | +$1,235.00 |
| $506.08 | +99.0% | +$1,235.00 |
When traders use bull call spread on AIZ
Bull call spreads on AIZ reduce the cost of a bullish AIZ stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
AIZ thesis for this bull call spread
The market-implied 1-standard-deviation range for AIZ extends from approximately $238.13 on the downside to $270.51 on the upside. A AIZ bull call spread caps both the risk and the reward of a bullish position; relative to an outright long call on AIZ, the spread reduces the cost basis but limits the maximum profit to the strike width minus net debit. Current AIZ IV rank near 2.66% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on AIZ at 22.20%. As a Financial Services name, AIZ options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to AIZ-specific events.
AIZ bull call spread positions are structurally moderately bullish; the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. AIZ positions also carry Financial Services sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move AIZ alongside the broader basket even when AIZ-specific fundamentals are unchanged. Long-premium structures like a bull call spread on AIZ are particularly exposed to IV-crush risk through scheduled events (earnings, FDA decisions, central-bank meetings) where IV typically contracts post-event regardless of the directional outcome. Always rebuild the position from current AIZ chain quotes before placing a trade.
Frequently asked questions
- What is a bull call spread on AIZ?
- A bull call spread on AIZ is the bull call spread strategy applied to AIZ (stock). The strategy is structurally moderately bullish: A bull call spread buys an at-the-money call and sells an out-of-the-money call at a higher strike for defined risk and defined reward bounded by the strike width. With AIZ stock trading near $254.32, the strikes shown on this page are snapped to the nearest listed AIZ chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are AIZ bull call spread max profit and max loss calculated?
- Max profit equals strike width minus net debit times 100; max loss equals net debit times 100. Breakeven is long-call strike plus net debit. For the AIZ bull call spread priced from the end-of-day chain at a 30-day expiry (ATM IV 22.20%), the computed maximum profit is $1,235.00 per contract and the computed maximum loss is -$765.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AIZ bull call spread?
- The breakeven for the AIZ bull call spread priced on this page is roughly $257.65 at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current AIZ market-implied 1-standard-deviation expected move is approximately 6.36%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a bull call spread on AIZ?
- Bull call spreads on AIZ reduce the cost of a bullish AIZ stock position by selling a higher-strike call; suited to moderate-move theses where price reaches but does not vastly exceed the short strike.
- How does current AIZ implied volatility affect this bull call spread?
- AIZ ATM IV is at 22.20% with IV rank near 2.66%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.