Company: AIZ
Filing Date: 2025-11-06
Form Type: 10-Q
Source: 0001267238-25-000051
Chunk: 24

Company: ASSURANT, INC.
Filing Date: 2025-11-06
Form: 10-Q
Item: Part I, Item 2
Chunk 24
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 fair value changes to equity securities increased $4.6 million, or 10%, to $51.3 million for Nine Months 2025 from $46.7 million for Nine Months 2024. The increase was primarily driven by sales of fixed maturity securities at a loss, lower valuation adjustments in equity securities and an increase in the allowance for credit losses for commercial mortgage loans, partially offset by fewer impairments.  

As of September 30, 2025, we owned $15.2 million of securities guaranteed by financial guarantee insurance companies. Included in this amount was $14.1 million of municipal securities, which had a credit rating of A+ with the guarantee, but would have had a credit rating of AA- without the guarantee. 

For more information on our investments, see Notes 6 and 7 to the Consolidated Financial Statements included elsewhere in this Report. 

Catastrophe Reinsurance Program 

Effective April 2025, coverage was placed with various reinsurers that are all rated A- or better by A.M. Best. 2025 reinsurance premiums for the total program are estimated to be $205.4 million pre-tax, compared to $188.9 million pre-tax for 

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2024. The estimate for 2025 reflects our exposure changes, expected Florida Hurricane Catastrophe Fund (“FHCF”) program impacts and favorable underlying rates from improved reinsurance market conditions. 2024 reinsurance premiums reflected a premium benefit from changing the timing of program placement to a single placement date. Actual reinsurance premiums will vary if exposure changes significantly from estimates or if reinstatement premiums are required due to catastrophe events. 

The U.S. per-occurrence catastrophe coverage includes a main reinsurance program providing $1.76 billion of coverage in excess of a $160.0 million retention. Layers 1 through 6 of the program allow for one automatic reinstatement. When combined with the FHCF, the U.S. program protects against gross Florida losses of up to approximately $1.98 billion, in excess of retention. 

Liquidity and Capital Resources

The following section discusses our ability to generate cash flows from each of our subsidiaries, borrow funds at competitive rates and raise new capital to meet our operating and growth needs. Management believes that we will have sufficient liquidity to satisfy our needs over the next twelve months, including the ability to pay interest on our debt and dividends on our common stock.

On January 22, 2025, we entered into an agreement to sell