Assurant estimates $138mn Q3 cat lossesAtlanta, Georgia-based Assurant expects to record $138mn in pre-tax losses, or $109mn after-tax, from reportable catastrophes for the third quarter of 2024, primarily affecting its global housing segment.
AM Best upgrades Assurant’s P&C units to A+AM Best has upgraded the financial strength rating to A+ (Superior) from A (Excellent) of the US property casualty subsidiaries of Assurant, citing their improved balance sheet strength and adequate reinsurance.
Assurant places $1.3bn cat program with 56% higher first event retentionAssurant has bought an additional $110mn of private market limit at the top of its 2023 cat reinsurance program but also increased its retention from $80mn per event on the expiring cover to $125mn for a first event and $100mn for a second and third event.
Assurant shares rise 9% following Q1 earnings beatAssurant is on course for strong earnings growth during the second half of the year having beaten consensus during the first quarter, according to KBW analyst Thomas McJoynt-Griffith.
Assurant estimates $124mn cat hit in Q3 as Ian goes through low layers of XoL coverAssurant passed at least $80mn of Ian driven catastrophe losses onto its reinsurers in Q3 2022 after the company said the impact had penetrated the third layer of its excess of loss program.
Assurant ups reinsurance program limit 20% to $1.16bn, estimated cost up 27%Assurant has finalised its 2022 property catastrophe reinsurance program, with coverage on its core US program up 20 percent to $1.16bn as it maintained its per event retention at $80mn, with the cost of the placement rising 27 percent, largely tied to the higher exposure base.
Assurant to recover from reinsurers after Ida tops $80mn retentionLosses from Hurricane Ida have exceeded the $80mn first event retention on Assurant’s property catastrophe reinsurance program, the US carrier has revealed.
Assurant adds limit at the top of its cat tower for 2021US insurer Assurant has increased the coverage from its property catastrophe program to $965mn in excess of $80mn for 2021, while lowering the retention for second and third events to $55mn.
Demmings to take Assurant reins from Colberg at the end of 2021US insurer Assurant’s president and CEO Alan Colberg will retire at the end of this year with Keith Demmings named as his successor.
Assurant board authorises $600mn share buyback programmeThe board of Assurant has authorised a new $600mn share repurchase programme, with the US insurer on course to meet its three-year target of returning $1.35bn from 2019 to 2022.
Assurant agrees $43mn deal for EPGUS insurer Assurant has agreed a deal to acquire heavy equipment and trucking insurance products and service contracts specialist EPG Insurance for $43mn.
Assurant trims prop cat reinsurance programme at renewalUS insurer Assurant has cut back its overall property catastrophe reinsurance tower by $230mn with the amount of Florida protection afforded by its 2020 programme reduced and one of the multi-year components of the coverage removed.
AmTrust hires new CFO from AssurantAmTrust, the US insurance group that undertook a fiercely contested $2.95bn MBO in 2018, has appointed Assurant Inc SVP Daniel Pacicco as its new CFO.
Assurant estimates $46mn of Q3 cat lossesUS insurer Assurant expects $46mn of pre-tax catastrophe losses in the third quarter, mainly in its global housing segment.
Assurant cuts cat XoL retention by a third after lossesUS insurer Assurant has lowered the per-event retention on its 2019 catastrophe reinsurance programme from $120mn to $80mn after consecutive years of cat losses.
Assurant beats despite higher reinsurance costsAssurant delivered a solid earnings beat in a fourth quarter that included a higher burden of catastrophe losses.
Assurant inks $1.3bn property cat reinsurance programmeUS gadget and lender-placed homeowners carrier Assurant has secured a $1.3bn of property catastrophe cover for 2018, the insurer has announced.