By Sabela Ojea
Assurant said it expects to book lower-than-expected losses related to catastrophic events in the fourth quarter of 2024.
The insurance company on Thursday said that it forecasts losses of $40 million in after-tax reportable catastrophe for the period.
In November, the company had said that Hurricane Milton was expected to drive losses in the range of $75 million to $110 million on a pre-tax basis.
The company will discuss the financial effects that the Los Angeles wildfires will have on its first-quarter results on an earnings call with analysts on Feb. 12.
In addition, Assurant said that it has agreed to sell its Miami campus for $126 million as it plans to relocate its operations in the Florida city to a leased site by the end oft he second quarter.
The process to approve the buyer will involve going through a political and administrative processes that could take 18 to 24 months.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
January 23, 2025 18:17 ET (23:17 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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