Assurant Announces 2020 Property Catastrophe Reinsurance Program
Assurant, Inc. (NYSE: AIZ), a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, today announced it has finalized its 2020 property catastrophe reinsurance program, limiting the company's financial exposure and protecting more than 3 million homeowners and renters policyholders against severe weather and other hazards.
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Assurant 2020 Catastrophe Reinsurance Tower (Graphic: Business Wire)
"At Assurant, not only is our commitment to social responsibility critical, but we believe we have an obligation to strengthen and protect the communities where we work and live for all of our stakeholders, including our customers and consumers," said Assurant President and Chief Executive Officer Alan Colberg. "And one way we demonstrate that commitment is by implementing a comprehensive catastrophe reinsurance program."
Michael Campbell, President of Global Housing added, "This year, our strong reinsurance partnerships enabled us to increase our multi-year coverage to nearly 50 percent of our total U.S. program, while maintaining our $80 million per-event retention at attractive terms and conditions, compared to the broader market. Importantly, we continued to execute on our long-term strategy to reduce less attractive risk exposure, as we exited businesses that do not meet our risk-return expectations, allowing us to lower our overall tower limit by $230 million."
2020 U.S. Program Key Highlights
2020 Property Catastrophe Reinsurance Program
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world's leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Safe Harbor Statement
Some of the statements included in this news release 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 news release 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 included in this news release, whether as a result of new information, future events or other 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 filed with the U.S. Securities and Exchange Commission.