Item 7.01. Regulation FD Disclosure.
Assurant, Inc. ("Assurant" or the "Company") announced today that it expects to
record approximately $99 million pre-tax, or $78 million after-tax, of
reportable catastrophes in its Global Housing reportable segment for third
quarter 2021.
Hurricane Ida accounted for $87 million of total pre-tax losses, as the event
reached the Company's $80 million pre-tax per-event retention. This also
includes associated reinstatement premiums to restore the second layer of the
Company's catastrophe reinsurance program. The remainder of losses were
primarily related to the wildfires in California.
The Company's reportable catastrophes include individual catastrophic events
that generate losses in excess of $5 million, pre-tax, net of reinsurance and
client profit sharing adjustments and including reinstatement and other
premiums. Going forward, per-event retention for second and third events now
lowers to $55 million for hurricane and earthquake perils only.
Losses from these events were primarily related to lender-placed and
manufactured housing products. Hurricane Ida losses were driven by heavy wind
and, to a lesser extent, flooding, mainly in Louisiana.
The Company will report third quarter 2021 results on November 2, 2021.
The information being furnished pursuant to this Item 7.01 shall not be deemed
to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended (the "Exchange Act"), or otherwise subject to the liabilities of that
section, and shall not be deemed to be incorporated by reference into any filing
under the Securities Act of 1933, as amended, or the Exchange Act.
Cautionary Statement
Some of the statements included in this Form 8-K may constitute forward-looking
statements within the meaning of the U.S. Private Securities Litigation Reform
Act of 1995. Any forward-looking statements contained in this Form 8-K are based
upon the Company's historical performance and on current plans, estimates and
expectations. The inclusion of this forward-looking information should not be
regarded as a representation by the Company or any other person that the
Company's future plans, estimates or expectations will be achieved. Actual
results may differ materially from those projected in the forward-looking
statements. The Company undertakes no obligation to update or review any
forward-looking statements, whether as a result of new information, future
events or other developments. For additional information on factors that could
affect the Company's actual results, please refer to the factors identified in
the reports that the Company files with the U.S. Securities and Exchange
Commission (the "SEC"), including the risk factors identified in the Company's
most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, each
as filed with the SEC.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Exhibit
The cover page from this Current Report on Form 8-K, formatted in Inline
104 XBRL.
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