Reinsurance News
Assurant
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
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