{"id":26566,"date":"2022-10-26T13:59:53","date_gmt":"2022-10-26T17:59:53","guid":{"rendered":"https:\/\/lakelandgazette.info\/news\/?p=26566"},"modified":"2022-10-26T14:00:05","modified_gmt":"2022-10-26T18:00:05","slug":"assurant-reveals-hurricane-ian-loss-has-eroded-two-layers-of-its-cat-reinsurance-tower","status":"publish","type":"post","link":"https:\/\/lakelandgazette.info\/news\/2022\/10\/26\/assurant-reveals-hurricane-ian-loss-has-eroded-two-layers-of-its-cat-reinsurance-tower\/","title":{"rendered":"Assurant reveals Hurricane Ian loss has eroded two layers of its cat reinsurance tower"},"content":{"rendered":"
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US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million per-event retention and $35 million of reinstatement premiums to restore up to the third layer of its U.S. catastrophe reinsurance program.<\/p>\n\n\n\n

In July, Assurant completed its mid-year property cat reinsurance renewal<\/a>, securing $1.16 billion of protection in excess of an $80 million retention for a first event, with the retention coming down to $55 million for a second and third event.<\/p>\n\n\n\n

Announcing its preliminary third quarter financial results, the global business services firm says that it expects to incur reportable cat losses of $124 million for the quarter, driven mostly by Hurricane Ian.<\/p>\n\n\n\n

Above the $80 million pre-tax per-event retention of its U.S. cat reinsurance tower, which you can see below, sits a $30 million layer one and $50 million layer two, which have both been eroded as the firm confirmed that losses are into the third layer, although it\u2019s unclear by how much. The third layer covers 50% of losses from $160 million up to $235 million.<\/p>\n\n\n\n

Further, with losses into layer three, it suggests Ian has eaten into some of the firm\u2019s multiyear reinsurance protection as well, which covers 67% of layers three to six.<\/p>\n\n\n\n

It\u2019s unclear exactly where Assurant\u2019s reinsurance recoveries from the event will fall, but it seems that they will be somewhere above the top of layer two, so $80 million, and up to $155 million, depending how far into the third layer of coverage losses from the event have ended up.<\/p>\n\n\n\n

It\u2019s also likely that Assurant has tapped its Florida Hurricane Catastrophe Fund (FHCF) backed reinsurance as well, which after an $86 million retention, covers 90% of losses up to $200 million.<\/p>\n\n\n\n

Combined with the FHCF participation, Assurant\u2019s U.S. cat reinsurance program provides protection against gross Florida losses of up to approximately $1.34 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"

US specialty insurer Assurant, Inc. has announced expected pre-tax catastrophe losses of $124 million for the third quarter of 2022 primarily related to Hurricane Ian, which includes the $80 million… <\/p>\n","protected":false},"author":1,"featured_media":26567,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","inline_featured_image":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"wpai_generated_summary":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"dois","default_image_id":71799,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[9],"tags":[3759],"class_list":["post-26566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","tag-assurant-reveals-hurricane-ian-loss-has-eroded-two-layers-of-its-cat-reinsurance-tower"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/26566","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/comments?post=26566"}],"version-history":[{"count":0,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/posts\/26566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media\/26567"}],"wp:attachment":[{"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/media?parent=26566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/categories?post=26566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lakelandgazette.info\/news\/wp-json\/wp\/v2\/tags?post=26566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}