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
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