Business Context and Reporting Period
Company: Assurant, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: October 5, 2011
Reporting Period: Third Quarter 2011 (July, August, September)
Key Financial Metrics
This filing provides estimated catastrophe loss figures rather than full financial statements.
- Estimated Reportable Catastrophe Losses (Q3 2011): $80 million to $85 million (pre-tax, net of reinsurance).
- Losses Attributed to Hurricane Irene: $65 million to $70 million.
- Other Events: Tropical Storm Lee and wildfires in Texas.
- Principal Causes of Loss: Wind and water damage, followed by flood.
- Threshold for Reporting: Individual events exceeding $5 million (pre-tax, net of reinsurance).
Note: The filing text does not provide clear values for total revenue, net profit, operating cash flow, margins, debt, or liquidity.
Material Changes and Events
The primary material event reported is the estimation of significant catastrophe losses for the third quarter of 2011. These losses are driven by natural disasters, with Hurricane Irene accounting for the majority of the estimated range.
Guidance, Outlook, and Risks
- Forward-Looking Statements: The loss estimates are based on management's best estimates and assumptions and are subject to significant uncertainties. Actual results may differ materially.
- Future Reporting: Actual reportable catastrophe losses will be finalized and reported in the third quarter 2011 earnings release scheduled for October 26, 2011, after 4:00 p.m. ET.
- Risk Factors: The Company refers investors to its 2010 Annual Report on Form 10-K for a detailed discussion of general risk factors.
- Update Obligation: The Company undertakes no obligation to update forward-looking statements in this filing based on new information.
Investor Verification Checklist
- Verify the final actual catastrophe loss figures in the Q3 2011 earnings release on October 26, 2011.
- Review the 2010 Annual Report on Form 10-K for comprehensive risk factors related to catastrophe exposure.
- Monitor subsequent filings for updates on the reinsurance recovery status regarding Hurricane Irene and other Q3 events.
- Confirm the impact of these losses on the company's overall underwriting results and capital adequacy once full quarterly results are published.