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Assurant, Inc. has estimated the reportable catastrophe losses related to Superstorm Sandy to be in the range of $200 million to $220 million, pre-tax and net of reinsurance. The largest concentration of losses occurred in the coastal communities of New York and New Jersey. Actual losses from the storm will be reported in the fourth quarter 2012 earnings...
Item 8.01. Other Events
Assurant, Inc. (the "Company") has estimated the reportable catastrophe losses
related to Superstorm Sandy to be in the range of $200 million to $220 million,
pre-tax and net of reinsurance. The principal cause of loss was flood, along
with wind and water damage. The largest concentration of losses occurred in the
coastal communities of New York and New Jersey. Based on the above estimate, the
Company does not expect to exceed the retention limit of its 2012 property
catastrophe reinsurance program.
The Company's reportable catastrophe losses include only individual catastrophic
events that generate losses in excess of $5 million, pre-tax and net of
reinsurance. Superstorm Sandy is the only reportable loss event in the fourth
quarter of 2012 to date. Actual losses from the storm will be reported in the
fourth quarter 2012 earnings release expected for February 6, 2013 after 4:00
The Company issued a related news release, which is attached hereto as Exhibit
99.1 and incorporated herein by reference.
CAUTIONARY STATEMENT -- Some of the statements included in this Form 8-K,
particularly estimated reportable catastrophe losses, may constitute
forward-looking statements within the meaning of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements are based on
management's best estimates, assumptions and projections and are subject to
significant uncertainties. 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 Form 8-K as a result
of new information or future events or developments. For a detailed discussion
of the general risk factors that could affect the Company's results, please
refer to the risk factors identified in the Company's annual and periodic
reports, including but not limited to its 2011 Annual Report on Form 10-K and
Third Quarter 2012 Form 10-Q, each as filed with the U.S. Securities and