Reserves (Tables)

12 Months Ended

Dec. 31, 2019

Liability for Claims and Claims Adjustment Expense [Line Items]

Roll Forward of Claims and Benefits Payable

	Years Ended December 31,
	2019			2018			2017
Claims and benefits payable, at beginning of year	$	2,813.7		$	3,782.2		$	3,301.2
Less: Reinsurance ceded and other	(2,053.7		)	(3,193.3		)	(2,718.2		)
Net claims and benefits payable, at beginning of year	760.0			588.9			583.0
Acquired reserves as of Acquisition Date (1)	—			140.7			—
Incurred losses and loss adjustment expenses related to:
Current year	2,670.9			2,353.0			1,965.0
Prior years	(16.2		)	(7.4		)	(58.5		)
Total incurred losses and loss adjustment expenses	2,654.7			2,345.6			1,906.5
Paid losses and loss adjustment expenses related to:
Current year	2,097.8			1,887.1			1,536.4
Prior years	529.2			428.1			364.2
Total paid losses and loss adjustment expenses	2,627.0			2,315.2			1,900.6
Net claims and benefits payable, at end of year	787.7			760.0			588.9
Plus: Reinsurance ceded and other (2)	1,900.0			2,053.7			3,193.3
Claims and benefits payable, at end of year (2) (3)	$	2,687.7		$	2,813.7		$	3,782.2

(1) Acquired reserves from TWG on Acquisition Date include $419.9 million of gross claims and benefits payable and $279.2 million of ceded claims and benefits payable. The reserve roll forward includes the activity of TWG for the relevant periods since the Acquisition Date.

(2) Includes reinsurance recoverables and claims and benefits payable of $86.8 million, $119.8 million and $555.0 million as of December 31, 2019, 2018 and 2017, respectively, which was ceded to the U.S. government. The Company acts as an administrator for the U.S. government under the voluntary National Flood Insurance Program.

(3) Claims and benefits payable and related reinsurance ceded were reduced by $730.0 million in December 2018 as a result of the sale of Time Insurance Company, a legal entity associated with the previously exited Assurant Health business.

The Company experienced net favorable prior year development in each of the years ended December 31, 2019, 2018 and 2017. A comparison of net (favorable) unfavorable prior year development is shown below across the Company’s current and former segments and businesses.

	Prior Year Incurred Loss Development for the Years Ending December 31,
	2019			2018			2017
Global Lifestyle (excluding TWG)	$	(18.8	)	$	(17.0	)	$	(30.0	)
TWG (1)	(5.2		)	0.4			—
Global Housing	13.6			16.3			(9.6		)
Global Preneed	(0.3		)	(0.5		)	(0.6		)
Assurant Health	—			(1.3		)	(8.8		)
All Other	(5.5		)	(5.3		)	(9.5		)
Total	$	(16.2	)	$	(7.4	)	$	(58.5	)

(1)

TWG continues to be shown separate from the rest of Global Lifestyle in this presentation and in the claims development claims supplemental information below to enhance comparability across years.

Reconciliation of Net Incurred and Paid Claims Development to Liability for Claims and Benefits Payable

Reconciliation of the Disclosure of Net Incurred and Paid Claims Development to the Liability for Unpaid Claims and Benefits Payable

	December 31, 2019
Net outstanding liabilities
Global Lifestyle (excluding TWG)	$	134.3
TWG	145.8
Global Housing	435.9
Other short-duration insurance lines (1)	31.1
Disposed short-duration insurance lines (Assurant Health)	2.4
Claims and benefits payable, net of reinsurance	749.5
Reinsurance recoverable on unpaid claims
Global Lifestyle (excluding TWG)	128.5
TWG (2)	311.7
Global Housing	204.8
Other short-duration insurance lines (3)	3.6
Disposed short-duration insurance lines (Assurant Employee Benefits and Assurant Health)	542.8
Total reinsurance recoverable on unpaid claims	1,191.4
Insurance lines other than short-duration	738.2
Unallocated claim adjustment expense	8.6
Total claims and benefits payable	$	2,687.7

(1) Asbestos and pollution reserves made up $20.7 million of the other short-duration insurance lines.

(2) Disposed of property and casualty business make up $230.7 million of $311.7 million in reinsurance recoverables for TWG.

(3)

Asbestos and pollution recoveries accounted for all the other short-duration insurance lines.

Global Lifestyle, Excluding TWG

Liability for Claims and Claims Adjustment Expense [Line Items]

Schedule of Claims Development

Global Lifestyle (Excluding TWG) Net Claims Development Tables

Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance											December 31, 2019
Years Ended December 31,											Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)		Cumulative Number of Reported Claims (2)
Accident Year	2015 Unaudited		2016 Unaudited		2017 Unaudited		2018 Unaudited		2019
2015	$	657.0	$	619.4	$	618.4	$	618.2	$	618.5	$	0.1	8,484,983
2016			668.0		639.4		637.6		637.7		0.3		9,123,395
2017					699.2		683.3		682.1		0.6		8,289,103
2018							772.9		754.3		2.9		7,595,793
2019									878.9		82.8		7,327,244
							Total		$	3,571.5

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year	2015 Unaudited		2016 Unaudited		2017 Unaudited		2018 Unaudited		2019
2015	$	523.2	$	612.0	$	616.5	$	617.6	$	617.9
2016			541.6		632.1		636.1		637.2
2017					568.1		677.4		680.5
2018							649.2		747.8
2019									754.9
Total									$	3,438.3
Outstanding claims and benefits payable before 2015, net of reinsurance									1.1
Claims and benefits payable, net of reinsurance									$	134.3

Schedule of Average Annual Payout of Incurred Claims by Age, Net of Reinsurance

Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 Unaudited	Year 2 Unaudited	Year 3 Unaudited	Year 4 Unaudited	Year 5 Unaudited
84.8%	14.4%	0.6%	0.2%	—%

(1) Includes a provision for development on case reserves.

(2)

Number of paid claims plus open (pending) claims. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.

Global Lifestyle, TWG

Liability for Claims and Claims Adjustment Expense [Line Items]

Schedule of Claims Development

TWG Net Claims Development Tables

Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance											December 31, 2019
Years Ended December 31,											Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)		Cumulative Number of Reported Claims (2)
Accident Year	2015 Unaudited		2016 Unaudited		2017 Unaudited		2018 Unaudited		2019
2015	$	432.5	$	425.4	$	428.4	$	432.3	$	433.3	$	0.1	2,241,827
2016			442.5		442.8		450.5		451.0		0.7		1,878,736
2017					512.1		503.9		504.4		3.5		1,908,302
2018							609.9		602.2		11.5		2,051,670
2019									652.8		64.8		1,802,327
							Total		$	2,643.7

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year	2015 Unaudited		2016 Unaudited		2017 Unaudited		2018 Unaudited		2019
2015	$	359.6	$	421.3	$	425.6	$	427.7	$	429.1
2016			370.3		438.6		445.7		444.6
2017					418.1		494.6		498.2
2018							504.7		583.7
2019									549.2
Total									$	2,504.8
Outstanding claims and benefits payable before 2015, net of reinsurance									6.9
Claims and benefits payable, net of reinsurance									$	145.8

Schedule of Average Annual Payout of Incurred Claims by Age, Net of Reinsurance

Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 Unaudited	Year 2 Unaudited	Year 3 Unaudited	Year 4 Unaudited	Year 5 Unaudited
83.8%	14.5%	0.9%	0.5%	0.3%

(1) Includes a provision for development on case reserves.

(2)

Number of paid claims plus open (pending) claims. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.

Global Housing

Liability for Claims and Claims Adjustment Expense [Line Items]

Schedule of Claims Development

Global Housing Net Claims Development Tables

Incurred Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance											December 31, 2019
Years Ended December 31,											Total of Incurred-but-Not Reported Liabilities Plus Expected Development on Reported Claims (1)		Cumulative Number of Reported Claims (2)
Accident Year	2015 Unaudited		2016 Unaudited		2017 Unaudited		2018 Unaudited		2019
2015	$	792.4	$	753.1	$	758.8	$	756.9	$	757.6	$	3.0	198,316
2016			852.5		834.9		839.8		843.1		6.4		201,007
2017					963.5		975.0		990.3		39.6		250,352
2018							916.8		915.3		41.0		199,940
2019									850.0		227.2		181,204
							Total		$	4,356.3

Cumulative Paid Claims and Allocated Claim Adjustment Expenses, Net of Reinsurance
Years Ended December 31,
Accident Year	2015 Unaudited		2016 Unaudited		2017 Unaudited		2018 Unaudited		2019
2015	$	518.7	$	703.0	$	733.2	$	745.1	$	752.4
2016			599.4		781.6		817.6		832.5
2017					699.9		901.2		942.0
2018							621.9		853.7
2019									544.3
Total									$	3,924.9
Outstanding claims and benefits payable before 2015, net of reinsurance									4.5
Claims and benefits payable, net of reinsurance									$	435.9

Schedule of Average Annual Payout of Incurred Claims by Age, Net of Reinsurance

Average Annual Payout of Incurred Claims by Age, Net of Reinsurance
Year 1 Unaudited	Year 2 Unaudited	Year 3 Unaudited	Year 4 Unaudited	Year 5 Unaudited
69.8%	23.3%	4.2%	1.7%	1.0%

(1) Includes a provision for development on case reserves.

(2)

Number of paid claims plus open (pending) claims. Claim frequency is determined at a claimant reporting level. Depending on the nature of the product and related coverage triggers, it is possible for a claimant to contribute multiple claim counts in a given policy period. Claim count information related to ceded reinsurance is not reflected as it cannot be reasonably defined or quantified, given that the Company’s reinsurance includes non-proportional treaties.