NEW YORK, Dec. 12 /PRNewswire-FirstCall/ -- Assurant, Inc. ("Assurant")
(NYSE: AIZ), a premier provider of specialty insurance and
insurance-related products and services, announced today that claims
resulting from the October 2007 southern California wildfires are estimated
at $37 million pretax. This amount includes claims received to date and
expected future claims. The estimated reduction to fourth quarter 2007 net
operating income is $24 million after-tax, or $0.20 per diluted share.
Assurant Specialty Property president and chief executive officer Gene
Mergelmeyer said: "Backed by our strong financial foundation, and our
dedicated claims operation, we are focused on meeting our obligations to
policyholders and serving our customers in their time of need. I'm very
proud of our employees for their response to this crisis and for their
commitment to helping those of our customers who were affected by the
wildfires. We mobilized our catastrophe team operations in California and
adjusted and settled over 90% of our claims within 30 days of reporting."
Assurant is a premier provider of specialized insurance products and
related services in North America and selected international markets. Its
four key businesses -- Assurant Solutions; Assurant Specialty Property;
Assurant Health; and Assurant Employee Benefits -- have partnered with
clients who are leaders in their industries and have built leadership
positions in a number of specialty insurance market segments worldwide.
Assurant, a Fortune 500 company and a member of the S&P 500, is traded
on the New York Stock Exchange under the symbol AIZ. Assurant has over $25
billion in assets and $7 billion in annual revenue. http://www.assurant.com
Safe Harbor Statement
Some of the statements included in this press release, particularly
those anticipating future financial performance, business prospects, growth
and operating strategies and similar matters, are forward-looking
statements that involve a number of risks and uncertainties. For those
statements, we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform Act of
1995. For a discussion of the factors that could affect our actual results
please refer to the risk factors identified from time to time in our SEC
reports, including, but not limited to, our 10-K, as filed with the SEC.
SOURCE Assurant, Inc.
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Related links:
http://www.assurant.com
CONTACT:
Media, Drew Guthrie, Manager, Communications
and Media Relations, +1-212-859-7002, or Fax: +1-212-859-5893,
drew.guthrie@assurant.com, or Investors, Melissa Kivett,
+1-212-859-7029, melissa.kivett@assurant.com, or John Egan,
+1-212-859-7197, john.egan@assurant.com, both Vice President,
Investor Relations, Fax: +1-212-859-5893, all of Assurant, Inc.
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