AIZ Iron Condor 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 iron condor on AIZ?
An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes.
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 iron condor 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 iron condor 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 iron condor 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 iron condor setup
The AIZ iron condor 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 $270.00 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 | Call | $270.00 | $1.80 |
| Buy 1 | Call | $280.00 | $0.60 |
| Sell 1 | Put | $240.00 | $2.60 |
| Buy 1 | Put | $230.00 | $1.68 |
AIZ iron condor risk and reward
- Net Premium / Debit
- +$212.50
- Max Profit (per contract)
- $212.50
- Max Loss (per contract)
- -$787.50
- Breakeven(s)
- $237.89, $272.13
- Risk / Reward Ratio
- 0.270
Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit.
AIZ iron condor payoff curve
Modeled P&L at expiration across a range of underlying prices for the iron condor 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% | -$787.50 |
| $56.24 | -77.9% | -$787.50 |
| $112.47 | -55.8% | -$787.50 |
| $168.70 | -33.7% | -$787.50 |
| $224.93 | -11.6% | -$787.50 |
| $281.16 | +10.6% | -$787.50 |
| $337.39 | +32.7% | -$787.50 |
| $393.62 | +54.8% | -$787.50 |
| $449.85 | +76.9% | -$787.50 |
| $506.08 | +99.0% | -$787.50 |
When traders use iron condor on AIZ
Iron condors on AIZ are a delta-neutral premium-collection structure that profits if AIZ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
AIZ thesis for this iron condor
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 iron condor is a delta-neutral premium-collection structure that pays off when AIZ stays inside the inner short strikes through expiration; the wing width should reflect the trader's tolerance for the maximum loss scenario where the underlying breaches an outer strike. 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 iron condor positions are structurally neutral / range-bound; 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 iron condor 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 iron condor on AIZ?
- A iron condor on AIZ is the iron condor strategy applied to AIZ (stock). The strategy is structurally neutral / range-bound: An iron condor sells a call spread and a put spread at strikes outside spot, collecting net premium that is kept if the underlying stays inside the inner short strikes. 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 iron condor max profit and max loss calculated?
- Max profit equals the net credit times 100 inside the inner strikes; max loss equals wing width minus credit times 100. Two breakevens at inner strikes plus and minus the credit. For the AIZ iron condor priced from the end-of-day chain at a 30-day expiry (ATM IV 22.20%), the computed maximum profit is $212.50 per contract and the computed maximum loss is -$787.50 per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a AIZ iron condor?
- The breakeven for the AIZ iron condor priced on this page is roughly $237.89 and $272.13 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 iron condor on AIZ?
- Iron condors on AIZ are a delta-neutral premium-collection structure that profits if AIZ stock stays inside the inner short strikes; short strikes typically sit near 1 standard deviation from spot.
- How does current AIZ implied volatility affect this iron condor?
- 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.