Assurant Purchases $130 Million Catastrophe Reinsurance Coverage - Assurant (NYSE:AIZ)

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Assurant, Inc. (NYSE: AIZ) announced today that certain of its subsidiaries have entered into reinsurance agreements providing for $130 million in three-year, fully collateralized reinsurance from Ibis Re II Ltd., a special purpose reinsurance company domiciled in the Cayman Islands. Bonds issued by Ibis Re Ltd. in 2009, for $150 million, will expire in May 2012.Ibis Re II financed the property catastrophe reinsurance coverage by issuing $130 million in catastrophe bonds to qualified institutional buyers. The coverage complements Assurant's traditional catastrophe reinsurance, which provides broad protection from catastrophic storm activity to the company's clients and shareholders.

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