Assurant reported net operating income of $67.4 million for the company’s third quarter this year, including seeing a boost from the company’s Global Housing Division based in Springfield.
The company saw significant improvement compared to the same period in 2017, when Assurant reported a net operating loss of $76.3 million. Company officials attributed the improved numbers to lower costs related to natural disasters and additional income from The Warranty Group, a rival insurance protection firm that provides plans in areas that include consumer electronics.
Assurant’s Springfield office provides operational support for customers and clients of its Global Housing Division. The company is a major employer in Clark County with about 2,300 workers. The Global Housing Division provides insurance and related services in partnership with financial institutions and other major clients.
“This quarter, we supported home owners impacted by Hurricane Florence and expanded partnerships across our business that provide consumers a broader array of services to protect the purchases that matter most to them,” said Alan Colberg, Assurant’s president and CEO. “We remain confident in our ability to deliver on our full-year 2018 financial commitments and we’re well-positioned for continued profitable growth next year.”
The Global Housing Division reported $19.4 million in net operating income in the third quarter this year, compared to a loss of $110.3 million for the same period in 2017. The improvement was mostly related to fewer costs related to natural disasters, according to information from the company.
The segment’s third quarter included about $67 million in losses related to wind and flood damage from Hurricane Florence in the Carolinas and an increase in claims related to Hurricane Maria. But the company reported $186.8 million in reportable catastrophes for the same period last year.
The News-Sun recently reported Assurant has boosted hiring in Clark County recently in part to fill already vacant positions and in part to respond to additional claims filed after the recent hurricanes.
The company sought to fill about 100 openings at the company’s Springfield location, including both temporary and full-time jobs.