AIZ Cash-Secured Put 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 cash-secured put on AIZ?
A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike.
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 cash-secured put 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 cash-secured put structure on AIZ specifically: AIZ IV at 22.20% is on the cheap side of its 1-year range, which means a premium-selling AIZ cash-secured put collects less credit per unit of strike-width risk, 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 cash-secured put setup
The AIZ cash-secured put 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 $240.00 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) |
|---|---|---|---|
| Sell 1 | Put | $240.00 | $2.60 |
AIZ cash-secured put risk and reward
- Net Premium / Debit
- +$260.00
- Max Profit (per contract)
- $260.00
- Max Loss (per contract)
- -$23,739.00
- Breakeven(s)
- $237.40
- Risk / Reward Ratio
- 0.011
Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium.
AIZ cash-secured put payoff curve
Modeled P&L at expiration across a range of underlying prices for the cash-secured put 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% | -$23,739.00 |
| $56.24 | -77.9% | -$18,115.95 |
| $112.47 | -55.8% | -$12,492.91 |
| $168.70 | -33.7% | -$6,869.86 |
| $224.93 | -11.6% | -$1,246.82 |
| $281.16 | +10.6% | +$260.00 |
| $337.39 | +32.7% | +$260.00 |
| $393.62 | +54.8% | +$260.00 |
| $449.85 | +76.9% | +$260.00 |
| $506.08 | +99.0% | +$260.00 |
When traders use cash-secured put on AIZ
Cash-secured puts on AIZ earn premium while a trader waits to acquire AIZ stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AIZ.
AIZ thesis for this cash-secured put
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 cash-secured put lets a trader earn premium while waiting to acquire AIZ at the strike price; the strategy is most attractive when the trader is comfortable holding the underlying at that level and IV is rich enough to compensate for the assignment risk. 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 cash-secured put positions are structurally neutral to slightly 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. Short-premium structures like a cash-secured put on AIZ carry tail risk when realized volatility exceeds the implied move; review historical AIZ earnings reactions and macro stress periods before sizing. Always rebuild the position from current AIZ chain quotes before placing a trade.
Frequently asked questions
- What is a cash-secured put on AIZ?
- A cash-secured put on AIZ is the cash-secured put strategy applied to AIZ (stock). The strategy is structurally neutral to slightly bullish: A cash-secured put sells an out-of-the-money put while holding cash equal to the strike-times-100 obligation, keeping the premium when the underlying stays above the strike. 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 cash-secured put max profit and max loss calculated?
- Max profit equals premium times 100; max loss equals strike minus premium times 100 (at zero, assuming assignment). Breakeven is strike minus premium. For the AIZ cash-secured put priced from the end-of-day chain at a 30-day expiry (ATM IV 22.20%), the computed maximum profit is $260.00 per contract and the computed maximum loss is -$23,739.00 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AIZ cash-secured put?
- The breakeven for the AIZ cash-secured put priced on this page is roughly $237.40 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 cash-secured put on AIZ?
- Cash-secured puts on AIZ earn premium while a trader waits to acquire AIZ stock at a target strike below the current quote; most attractive when IV is rich and the trader is comfortable owning AIZ.
- How does current AIZ implied volatility affect this cash-secured put?
- 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.