Hurricane Irma losses to exceed Assurant’s retention

Assurant said on Sept. 11 that it expects pre-tax losses from  Hurricane Irma to exceed its retention of $125 million pre-tax but that they will remain within the company’s comprehensive reinsurance program.

Hurricane Irma first impacted the Caribbean on September 6 and moved quickly to make landfall in Florida on September 10.

Assurant also said that Hurricane Harvey’s impact is expected to result in $134 million to $140 million pre-tax of reportable catastrophe losses, net of reinsurance, and reinstatement premiums for its Global Housing business unit. This loss will be reflected in the insurer’s third quarter 2017 financial results.

“Our thoughts are first and foremost with those impacted by the devastating effects of Hurricanes Harvey and Irma, including our customers, our employees and their families,” said Alan Colberg, president and CEO of Assurant.

“Now begins the important task of working with our customers to process claims, recover and rebuild the communities we serve following these unprecedented events,” Colberg added.

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