Assurant Announces $1.3 Billion 2018 Property Catastrophe Reinsurance Program
2018 reinsurance premiums for this program are estimated to be
"In 2017, our catastrophe reinsurance program proved strong and resilient, absorbing over
"This year, we've secured comprehensive catastrophe coverage with attractive terms and conditions due to our risk management expertise and strong relationships with our reinsurance partners," he added. "Assurant is not only dedicated to providing protection to our policyholders but also to our shareholders, as we gradually reduce our overall net loss retention, in conjunction with our declining exposure, over time."
1 Amount includes extension of the 2017 Latin America protection which will renew on
2 Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events.
Catastrophe Reinsurance 2018
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Note: 2018 Catastrophe Reinsurance Program also includes coverage in the
Probable Maximum Loss is projected based on estimated
2018 Catastrophe Program Components
*
- A main reinsurance program providing
- Multiyear reinsurance contracts covering 32 percent of the
- All layers of the program allow for one automatic reinstatement and include a cascading feature that provides multi-event protection in which higher coverage layers drop down as the lower layers and reinstatement limit are exhausted.
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* International per-occurrence catastrophe coverage increased as Assurant continues to expand its business in select property markets. Specifics include:
-
-In these regions, Assurant's product offerings are primarily residential dwelling policies covering the structure and contents.
Historical Loss and Global Housing Net Earned Premium Information
Several features noted above also provided comprehensive coverage in 2017 and protected the company against significant losses from multiple storms. Despite over
To further exemplify the resilience of the 2018 program, the Company tested the program against several of the most significant historical catastrophes since recording began in the 1850s using an industry leading catastrophe model. The modeling assumes the same geographic path of each hurricane and illustrates that to the extent these events were to recur today, Assurant's loss would be well within the
Historical Gross Losses 2018
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All events are modeled gross losses based on the reoccurrence of each event as of
For informational purposes, below is an outline of the top five states based on net earned premiums for Assurant's
Net Earned Premiums 2017
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Illustrative Event Examples
Below are three examples to demonstrate how Assurant's 2018 property catastrophe reinsurance program would hypothetically work for a
Example One
A hurricane strikes
Event Description Florida Hurricane 2018
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Example Two
A hurricane strikes
Event Description Texas Hurricane
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Example Three
Multiple hurricanes strike and cause gross losses for Assurant of
To view the table, click here: https://www.assurant.com/newsroom-detail/NewsReleases/2018/June/assurant-announces-$1.3-billion-2018-property-catastrophe-reinsurance-program
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