Assurant Specialty Property announced expected losses from Superstorm Sandy to be in the range of $200 million – $220 million on a pre-tax basis and net of reinsurance. Based on this estimate, the Company does not expect to exceed the retention limit of its 2012 property catastrophe reinsurance program.
Sandy came ashore Oct. 29, 2012 with high winds, storm surge flooding and heavy rains that ravaged 16 states with the predominant damage in the population-dense coastal communities of New York and New Jersey.
“Serving homeowners when catastrophes strike is our first priority,” said Gene Mergelmeyer, president and CEO, Assurant Specialty Property. “With our history of providing coverage in catastrophe-prone areas, our response teams are experienced and adept at handling claims in these situations. Our crews are showing amazing fortitude as they continue to help our customers recover across the Northeast.”
Assurant Specialty Property provides renters and lender-placed homeowners insurance and is the sixth largest administrator of the National Flood Insurance Program (NFIP). In addition to paying the majority of more than 13,000 Sandy-related claims on its own policies, the company has processed nearly 9,300 claims for the NFIP.
Source: Assurant Specialty Property
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