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Assurant 2019 cat reinsurance program reduces per-event retention

Jul. 08, 2019 4:42 PM ETAssurant, Inc. (AIZ) StockBy: Liz Kiesche, SA News Editor
  • Assurant (NYSE:AIZ) completes its 2019 catastrophe reinsurance program, which includes "a significant reduction of our per-event retention to $80 million, as we look to lower our catastrophe exposure and produce more predictable earnings and cash flow,” said President and CEO Alan Colberg.
  • 2019 U.S. program provides $1.16B of coverage in excess of $80M retention per-event with a projected maximum loss of ~1-in-173-year storm, based on projected modeled loss estimates.
  • When combined with Florida Hurricane Catastrophe Fund, the program is covered for gross Florida losses of up to $1.4B.
  • Multiyear reinsurance contracts cover ~35% of reinsurance layers.

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