U.S. specialty insurance group Assurant, Inc. has revealed that it expects to record around $66 million of pre-tax catastrophe losses in the fourth-quarter of 2016, net of reinsurance, or $43 million after taking tax into consideration.
All of these fourth-quarter catastrophe losses are due to hurricane Matthew, a storm that raked the Florida and south-east U.S. seaboard during the quarter.
Net of reinsurance means that the $66 million of losses is after Assurant has called on its panel of reinsurers to pay claims, a panel that includes an amount of traditional and collateralized reinsurance capacity.
Assurant reports losses as catastrophes which result in PCS defined events for which losses exceed $5 million pre-tax, net of reinsurance.
Hurricane Matthew hit Assurant with losses from wind and flooding, across the states of North and South Carolina, Florida, Georgia, Virginia and the Bahamas.
