Assurant says will take $110M-$150M pre-tax Q4 loss from California wildfires
Assurant announced that as of December 19, it expects to record between $110M-$150M pre-tax, of fourth quarter 2018 reportable catastrophe losses in its Global Housing segment. This loss range for the quarter includes an initial view of expected losses related to the November Camp Fire and Woolsey Fire in California and a refined range for losses related to Hurricane Michael that occurred in October 2018. The California wildfire losses were primarily driven by fire damage for lender-placed and manufactured housing products. Hurricane Michael losses are related to wind damage for lender-placed and other housing products. The company's reportable catastrophes include individual catastrophic events that generate losses in excess of $5M, pre-tax and net of reinsurance and including reinstatement and other premiums.