Finance

Assurant Estimates Hurricane Loses

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Assurant, a major player in the funeral pre-need insurance industry has estimated losses in its Global Housing segment due to Hurricanes Harvey and Irma.  The company said in a statement, reported by MarketWatch, that it expects losses, net of reinsurance, for Hurricane Harvey in the Texas gulf to be in a range of up to $140 million.  It also reported that losses from Hurricane Irma, in Florida, will total about $125 million.  The company also reported that it maintains a strong capital position of about $625 million.

The stock price of Assurant has dropped to $ 94.45 per share after being at an all-time high of just over $106 on July 25.  At the $94.45 share price the stock has a dividend yield of 2.26%.  The E-Trade Smart Consensus rates Assurant as a “Sell” at this time.

Assurant is a provider of risk management solutions in the housing. lifestyle, and pre-need markets.  The company operates in North America, Latin America, Europe, and Asia and its three operating segments are Global Housing, Global Lifestyle, and Global Pre-Need.

Through its Global Housing segment, it provides lender placed homeowners, manufactured housing and flood insurance, as well as other housing related services such as valuation services and mortgage solutions.

In its Global Lifestyle segment it provides mobile device protection products as well as service and protection products for consumer electronics, appliances, credit insurance, and vehicle protection.

The Global Pre-need division provides pre-funded funeral insurance and annuity products in the United States and Canada.

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