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Delaware
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001-31978
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39-1126612
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(State or Other Jurisdiction
of Incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange on Which Registered
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Common Stock, $0.01 Par Value
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AIZ
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New York Stock Exchange
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6.50% Series D Mandatory Convertible Preferred Stock, $1.00 Par Value
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AIZP
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New York Stock Exchange
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ASSURANT, INC.
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Date: June 29, 2020
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By:
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/s/ Mariana Wisk
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Mariana Wisk
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Vice President, Corporate Counsel and Interim Secretary
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U.S. Program provides $930 million of coverage(1) in excess of a $80 million retention per-event with a projected probable maximum loss (PML) of approximately a 1-in-174-year storm, based on projected modeled loss estimates(2).
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When combined with the Florida Hurricane Catastrophe Fund, the program is covered for gross Florida losses of up to $1.15 billion.
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Multiyear reinsurance contracts now in place covering nearly half of the U.S. Program over the next two to five years, reducing volatility in future reinsurance costs.
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All layers of the program allow for one automatic reinstatement, except Layer 1 which has two reinstatements.
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Maintains unique cascading feature that provides multi-event protection in which most higher coverage layers (layers 2 through 6) cascade down to $110 million as the lower layers and reinstatement limits are exhausted.
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2020 reinsurance premiums for this program are estimated to be approximately $138 million pre-tax(3) compared to $163 million pre-tax for 2019, reflecting the exit from small commercial as well as a modest reduction in lender-placed exposure. Coverage was placed with more than 40 reinsurers that are all rated A- or better by A.M. Best.
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(1)
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2020 Catastrophe Reinsurance Program also includes coverage in the Caribbean of up to $175 million in excess of $20 million, and our 2020 Latin America protection of up to $170 million in excess of $7 million which will renew in full on July 1, 2020. Renewals subject to changes in coverage amount, retention and cost.
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(2)
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Probable Maximum Loss is projected based on estimated December 31, 2020 exposure and a blend of industry modeling tools. Actual losses may differ materially from projections.
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(3)
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Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events. Total pre-tax dollar amount includes Caribbean and Latin America coverage.
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(4)
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The risk retained by Assurant (retention) for the Florida Hurricane Catastrophe Fund (FHCF) is applied to the main U.S. Program retention of $80 million. The FHCF inures to the benefit of the main U.S. Program. Once exhausted, there is no reinstatement of the FHCF coverage.
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