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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Assurant Inc | NYSE:AIZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
1.46 | 0.84% | 176.08 | 176.97 | 172.23 | 174.48 | 300,797 | 01:00:00 |
Normalization of Lender-placed Insurance and Improved Market Pricing Leads to Lower Program Cost
Assurant, Inc. (NYSE: AIZ), a global provider of risk management solutions, today announced it has finalized its $1.4 billion 2016 Property Catastrophe Reinsurance Program, reducing its financial exposure and safeguarding its ability to protect more than 2.4 million homeowners and renters policyholders against severe weather events and other perils.
This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20160713006398/en/
Assurant Comprehensive 2016 Catastrophe Reinsurance Program Illustration
Base reinsurance premiums for the global catastrophe program are estimated to be $140 million1 in 2016, compared to $162 million in 2015. Lower premiums were driven by improved market pricing along with Assurant’s lower exposure from lender-placed insurance as that business normalizes.
“This program is a critical component of our risk management strategy, designed to protect Assurant’s financial position. This allows us to be there for our policyholders when they need us the most,” said Christopher J. Pagano, chief financial officer and treasurer of Assurant.
Pagano, who will transition to the role of chief risk officer on July 18, added that this year’s program provided Assurant increased flexibility as the favorable pricing environment allowed the company to improve terms and conditions.
2016 Catastrophe Program Risk Management Components
Assurant placed its 2016 Property Catastrophe Reinsurance Program with more than 40 reinsurers rated A- or better by A.M. Best.
An illustration of the 2016 Assurant catastrophe program's layered structure is available in the Newsroom section of www.assurant.com.
1 Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to reportable catastrophe events.
About Assurant
Assurant, Inc. (NYSE: AIZ) is a global provider of risk management solutions, protecting where consumers live and the goods they buy. A Fortune 500 company, Assurant focuses on the housing and lifestyle markets, and is among the market leaders in mobile device protection; extended service contracts; vehicle protection; pre-funded funeral insurance; renters insurance; lender-placed homeowners insurance; and mortgage valuation and field services. With approximately $30 billion in assets as of March 31, 2016, and $8 billion in annual revenue for the year ended 2015, Assurant is located in 16 countries, while its Assurant Foundation works to support and improve communities. Learn more at assurant.com or on Twitter @AssurantNews.
Forward-Looking Statement
Some of the statements included in this news release, particularly those anticipating future financial performance, business prospects, growth and operating strategies and similar matters, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update any forward-looking statements in this news release as a result of new information or future events or developments. For a detailed discussion of risk factors that could affect our results, please refer to the risk factors identified in our annual and periodic reports, including but not limited to our 2015 Annual Report on Form 10-K and First Quarter 2016 Form 10-Q each as filed with the U.S. Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160713006398/en/
Media:Vera CarleyAssistant Vice President, External CommunicationAssurant, Inc.Phone: 212.859.7002vera.carley@assurant.comorInvestor Relations:Suzanne ShepherdVice President, Investor RelationsAssurant, Inc.Phone: 212.859.7062suzanne.shepherd@assurant.com
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