Reinsurance News
Assurant
Assurant’s California wildfire losses could exceed $150m cat reinsurance retention
14th February 2025
In its outlook for 2025, US specialty insurance group Assurant has reported that its catastrophe losses from the California wildfires are expected to “approach or slightly exceed” its per-event catastrophe reinsurance program retention of $150 million. The firm issued this update on the impact of the Los Angeles wildfires as part ... Read the full article
Assurant announces leadership changes in Europe and LatAm
14th February 2025
US specialty insurer Assurant has announced a number of leadership appointments in Europe and Latin America, including Felipe Sanchez as its new president, Europe, Diego Gomez as president of Assurant Mexico, and Ines Aramburu as president of Assurant Argentina. In his new position, subject to regulatory approval, Sanchez will have responsibility ... Read the full article
Assurant expects ~$50m in nat cat losses for Q4’24 largely driven by Hurricane Milton
24th January 2025
US specialty insurance group Assurant expects to record approximately $50 million pre-tax, or $40 million after-tax in losses from natural catastrophes for the fourth quarter of 2024. This estimate is more favourable than the preliminary figures shared during its third-quarter 2024 earnings call in November. The reported losses primarily stem from lender-placed ... Read the full article
Assurant sees net income increase 21% in Q2 2024
8th August 2024
US specialty insurance group Assurant has reported a GAAP net income of $188.7 million for the second quarter of 2024, representing a 21% increase compared to the $156.3 million reported in the same period last year. According to the company, this increase was mainly due to a lower after-tax loss from ... Read the full article
Assurant expects $46m cat loss for Global Housing segment in Q2
17th July 2024
Assurant has revealed that it expects its Global Housing segment to record approximately $46 million pre-tax, or $36 million after-tax, of reportable catastrophes for Q2 of 2024. As per the firm, no single event is anticipated to exceed $15 million in pre-tax losses in Q2. Assurant explained that reportable catastrophe losses were ... Read the full article
Assurant’s net income increases 108% in Q1’24
8th May 2024
US specialty insurance group Assurant has reported a GAAP net income of $236.4 million for the first quarter of 2024, representing a 108% increase compared to the $113.6 million reported in the same period last year. According to the company, this increase was mainly due to higher segment earnings and lower ... Read the full article
Assurant places $1.38bn cat reinsurance program with higher retention
16th February 2024
US specialty insurance group Assurant has completed its April 2024 reinsurance renewal early, purchasing $1.38 billion of catastrophe protection in excess of a $150 million retention, which is $25 million higher than last year. Assurant has shifted its June 1 renewal to April 1, consolidating its reinsurance buying into a single ... Read the full article
Assurant names Meier CFO and Luthi COO
16th November 2023
Effective immediately, Keith Meier is to take over as Chief Financial Officer (CFO) and be replaced by Francesca Luthi as Chief Operating Officer (COO), as the firm realigns its executive team to support its global growth strategy. Meier takes on oversight of Assurant’s global finance and technology organizations, and will continue ... Read the full article
Assurant places $1.3bn cat program with higher first event retention
23rd June 2023
Assurant has finalised its 2023 property catastrophe reinsurance program, successfully placing $1.28bn in loss coverage within its main US program, which compares to the $1.16bn the specialty insurer placed in 2022. At the same time, the company has maintained a $125m retention for a first event, with retention level dropping ... Read the full article
Assurant’s net income decreases 24% in Q1
3rd May 2023
US specialty insurance group Assurant has reported a GAAP net income of $113.6 million for the first quarter of 2023, representing a 24% decrease compared to $149 million from the same period last year. The company noted that the decrease was primarily due to lower earnings in Global Housing, including higher ... Read the full article
Assurant expects housing segment to record $50m in Q1 cat losses
20th April 2023
US specialty insurance group Assurant expects to record roughly $50 million pre-tax, or $39 million after-tax, of catastrophes losses in its global housing segment for first quarter 2023. Most of the losses from catastrophic events that needed to be reported were related to lender-placed products and resulted from severe weather and ... Read the full article
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
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