Assurant finalizes 2022 cat reinsurance: $1.16B coverage, $80M retention per event

ASSURANT, INC.

U.S. program provides $1.16B of coverage in excess of $80M retention per event; combined with FL fund up to ~$1.34B.
Total program premium estimated at ~$189M pre-tax; multiyear contracts cover 45% of U.S. program to reduce cost volatility.
Company exiting remaining Latin America program due to risk-return expectations; expects to retain ~75% of Adj. EBITDA in 1-in-50-year season.
Coverage placed with over 40 reinsurers all rated A- or better; program protects against a projected 1-in-174-year storm.

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