Assurant Shares Preliminary Loss Estimates for Hurricanes Harvey and Irma
11 September 2017 - 10:30PM
Business Wire
Assurant, Inc. (NYSE: AIZ), a premier global provider of risk
management solutions, today announced preliminary estimates of
pre-tax reportable catastrophe losses, resulting from Hurricane
Harvey and a preliminary view of Hurricane Irma.
“Our thoughts are first and foremost with those impacted by the
devastating effects of Hurricanes Harvey and Irma, including our
customers, our employees and their families,” said Alan Colberg,
President and Chief Executive Officer, Assurant. “Now begins the
important task of working with our customers to process claims,
recover and rebuild the communities we serve following these
unprecedented events.”
Hurricane Harvey
Hurricane Harvey presented as a combination of wind and flood
events, primarily impacting the state of Texas. Assurant expects
Harvey’s impact to result in $134 million - $140 million pre-tax of
reportable catastrophe losses, net of reinsurance, and
reinstatement premiums for its Global Housing business unit and
will be reflected in its third quarter 2017 financial results.
Hurricane Irma
Hurricane Irma first impacted the Caribbean on September 6 and
moved quickly to make landfall in Florida on September 10. Assurant
expects gross losses from Hurricane Irma will exceed its retention
of $125 million pre-tax but will remain within the company’s
comprehensive reinsurance program.
Assurant maintains a solid capital position with approximately
$625 million of capital at the holding company as of June 30, 2017,
and maintains strong surplus levels in its insurance companies.
CAUTIONARY STATEMENT – Some of the statements included in
this release, particularly estimated reportable catastrophe losses
and their expected impact on the Company’s catastrophe reinsurance
program, may constitute forward-looking statements within the
meaning of the U.S. Private Securities Litigation Reform Act of
1995. Forward-looking statements are based on management's best
estimates, assumptions and projections and are subject to
significant uncertainties. Actual results may differ materially
from those projected in the forward-looking statements. The Company
undertakes no obligation to update any forward-looking statements
in this Form 8-K as a result of new information or future events or
developments. For a detailed discussion of the general risk factors
that could affect the Company's results, please refer to the risk
factors identified in the Company's annual and periodic reports as
filed with the U.S. Securities and Exchange Commission.
About Assurant
Assurant (NYSE:AIZ) is a global leader in risk management
solutions, helping protect where people live and the goods they
buy. Millions of consumers count on Assurant’s innovative products,
services and support for major purchases like homes, cars,
appliances, mobile devices and funerals. Assurant partners with
leading companies that make, sell or finance those purchases to
take great care of their customers and help their business grow. A
member of the Fortune 500, Assurant has a market presence in 16
countries worldwide. As of June 30, 2017, the company had $30
billion in assets and $6 billion in annualized revenue. Learn more
at assurant.com or follow us on Twitter @AssurantNews.
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version on businesswire.com: http://www.businesswire.com/news/home/20170911005328/en/
AssurantMedia:Linda Recupero, 212.859.7005Senior
Vice President, Enterprise
Communicationlinda.recupero@assurant.comorInvestor
Relations:Suzanne Shepherd, 212.859.7062Vice President,
Investor Relationssuzanne.shepherd@assurant.comorSean Moshier,
212.859.5831Manager, Investor
Relationssean.moshier@assurant.com
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