Reinsurance News

Assurant

Rajiv Basu joins Assurant Board of Directors

16th March 2023

US specialty insurer Assurant, Inc. has announced the appointment of Rajiv Basu, former senior partner in Deloitte’s Insurance Practice, to its Board of Directors. Basu brings four decades of global finance and financial services industry expertise amassed during his time at Deloitte, where he advised large financial institutions in the US ... Read the full article

Assurant’s net income decreases 45% in Q4

8th February 2023

US specialty insurer Assurant, Inc. has reported a GAAP net income of $68.1 million for the fourth quarter of 2022, a 45% decrease compared to the $124 million reported in the same period last year. The company noted that the decline was primarily due to a $41.8 million after-tax charge related ... Read the full article

Assurant sees 95% net income decrease in Q3

2nd November 2022

US specialty insurer Assurant, Inc. has reported a GAAP net income of $7.3 million for the third quarter of 2022, a 95% decrease compared to $151 million from the same period last year. The company noted that the decline was primarily due to the absence of net unrealized gains from Assurant ... Read the full article

Assurant reveals Hurricane Ian loss has eroded two layers of its cat reinsurance tower

26th October 2022

US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million per-event retention and $35 million of reinstatement premiums to restore up to the third layer of its U.S. catastrophe reinsurance ... Read the full article

Assurant finalises 2022 property cat reinsurance program

7th July 2022

Assurant has finalised its 2022 property catastrophe reinsurance program, successfully placing $1.16bn in loss coverage within its main U.S. program. At the same time, the company has maintained an $80m retention per event, limiting its financial exposure against severe weather and other hazards. In addition, the company said it was able to ... Read the full article

Assurant says Hurricane Ida triggered reinsurance recoveries

8th October 2021

US specialty insurance group Assurant has said that losses from Hurricane Ida triggered its reinsurance recoveries, after exceeding its per-event retention of $80 million. Reporting ahead of the release of its Q3 results, Assurant estimates that its pre-tax losses from Ida will amount to $87 million. The event accounted for the majority ... Read the full article

Assurant sells Preneed business for $1.5bn

3rd August 2021

US specialty insurance group Assurant has sold its prearranged funeral insurance and final expense business, Global Preneed, to CUNA Mutual Group for $1.5 billion in cash. The Global Preneed sale will generate approximately $1.2 billion of net proceeds. As previously announced, the company intends to return approximately $900 million of the ... Read the full article

Assurant details reinsurance coverage for 2021

8th July 2021

US specialty insurance group Assurant has detailed its 2021 property catastrophe reinsurance program, which provides $965 million of coverage in excess of a $80 million retention for a first event, with retention lowering to $55 million for a second and third event. The company decided to reduce its retention for certain ... Read the full article

Demmings to succeed Colberg as Assurant CEO

19th May 2021

US specialty insurance group Assurant has announced that Keith W. Demmings will succeed Alan B. Colberg as President and Chief Executive Officer (CEO) of the company. He will take up the President role with immediate effective, taking on additionally roles as CEO and Director once Colberg has retired in January 2022. Demmings ... Read the full article

Assurant to sell Global Preneed to CUNA Mutual Group for $1.3bn

10th March 2021

US specialty insurance group Assurant has agreed to sell its prearranged funeral insurance and final expense business, Global Preneed, to CUNA Mutual Group, a broad financial services provider, for approximately $1.3 billion in cash. The Global Preneed sale is expected to generate $1.2 billion of net proceeds at closing, which is ... Read the full article

Assurant’s housing segment to shoulder $110m Q3 cat losses

16th October 2020

US specialty insurance group Assurant expects to record roughly $110 million pre-tax, or $87 million after-tax, of catastrophes losses in its global housing segment for third quarter 2020. Nearly half of the losses were related to hurricane Laura, with the balance primarily related to claims from Sally and Isaias and the ... Read the full article

Assurant’s net income jumps 24%; non-cat loss experience favourable in Q2

6th August 2020

Assurant, Inc., a leading global provider of lifestyle and housing solutions, recorded a 24% increase in net income in the second-quarter of 2020 to $173.5 million, as its Global Housing segment reported improved profitability. Despite the improvement, the company's net income was somewhat offset by both direct and incremental expenses incurred ... Read the full article

Assurant names Chief Administrative & Legal Officers

17th July 2020

US specialty insurance group Assurant, Inc. has announced the appointments of Francesca Luthi as Chief Administrative Officer and Jay Rosenblum as Chief Legal Officer. Luthi will assume responsibility for Human Resources, Real Estate, Facilities and Procurement while retaining leadership for Assurant’s global Marketing and Insights, Communications, Investor Relations and Corporate Social ... Read the full article

Former T-Mobile CFO Braxton Carter joins Assurant’s Board of Directors

7th July 2020

J. Braxton Carter, former Executive Vice President (EVP) and Chief Financial Officer (CFO) for T-Mobile US, Inc., has joined Assurant, Inc.'s Board of Directors, serving on the Board's Audit Committee. While at T-Mobile, Carter led the financial organisation for almost a decade, until his retirement from the firm on July 1st, ... Read the full article

Assurant gets more multi-year coverage at reinsurance renewal

30th June 2020

US specialty insurance group Assurant, Inc. has shrunk the size of its overall reinsurance tower limit by $230 million for 2020 as it exited underperforming businesses. The U.S. Program of Assurant's 2020 property catastrophe reinsurance program provides $930 million of coverage in excess of a $80 million retention per-event with a ... Read the full article