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Daily Insurance Industry News
Saturday 23rd of June 2018
October 27, 2011

Catastrophe losses hit Assurant profits

by Richard Kilner

Story link: Catastrophe losses hit Assurant profits

Specialty insurance and insurance-related products and services provider Assurant, Inc. has reported its financial results for the third quarter ended 30 September 2011.

Quarterly net operating income fell sharply, dropping by 45% to $75.6m, equating to $0.79 per diluted share, from $137.7m ($1.27 per diluted share) in the corresponding period last year.

The lower quarterly profits were largely due to the $52.3m after-tax catastrophe loss at Assurant Specialty Property.

Quarterly net income came to $76m ($0.79 per diluted share), a little over half the $141.7m ($1.30 per diluted share) the firm made in Q3 2010.

President and Chief Executive Officer Robert B. Pollock said that although storm-related losses had hit profits the situation did prove the value of the firm’s products to its customers.

 

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