RealPage Expects $3-$4 Million of Renter’s Insurance Claims from Hurricanes
September 21 2017 - 06:40PM
Business Wire
RealPage, Inc. (NASDAQ:RP), a leading global provider of
software and data analytics to the real estate industry, today
announced that a portion of the company’s renters insurance
operation is expected to be adversely affected by Hurricanes Harvey
and Irma. Historically, hurricanes have not had a material impact
on the company’s renter’s insurance operation. This is largely due
to the fact that the renter’s insurance policies offered by the
company do not cover claims resulting from flood conditions.
However, due to the extended duration and wide geographic impact of
Hurricanes Harvey and Irma, the company estimates that insurance
claims primarily resulting from damage unrelated to flooding or
rising water will range between $3.0 million and $4.0 million based
on currently available information.
“The anticipated financial and human impact related to
Hurricanes Harvey and Irma is tremendous,” said Steve Winn,
Chairman and CEO of RealPage. “First and foremost our hearts and
thoughts are squarely focused on the safety and well-being of our
residents, clients and employees impacted by these catastrophic
events.”
About RealPage
RealPage is a leading global provider of software and data
analytics to the real estate industry. Clients use our platform to
improve operating performance and increase capital returns. Founded
in 1998 and headquartered in Richardson, Texas, RealPage
currently serves nearly 11,500 clients worldwide from offices
in North America, Europe and Asia. For more
information about the company, visit https://www.realpage.com.
Cautionary Statement Regarding Forward-Looking
Statements
This press release contains “forward-looking” statements
relating to RealPage’s expectations or estimates regarding the
value of hurricane-related claims that may be made with respect to
damages covered under renters insurance policies sold by the
company and the resulting adverse effects on the company’s renter’s
insurance operation. These forward-looking statements are based on
management's beliefs and assumptions and on information currently
available to management. Forward-looking statements include all
statements that are not historical facts and may be identified by
terms such as “estimates,” “expects,” “believes,” “plans,” or
similar expressions and the negatives of those terms. Those
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual number or
value of insurance claims, or the financial effects of such claims
on the company’s renter’s insurance operation, to be materially
different from those expressed or implied by the forward-looking
statements. Additional factors that could cause or contribute to
such differences include, but are not limited to, an increase in
the number or magnitude of insurance claims made under the
insurance policies sold by the company, or the other risks and
uncertainties described in documents filed with or furnished to
the Securities and Exchange Commission (“SEC”)
by RealPage, including its Annual Report on Form 10-K
previously filed with the SEC on March 1, 2017 and its Quarterly
Report on Form 10-Q filed on August 4, 2017. All information
provided in this release is as of the date hereof and RealPage
undertakes no duty to update this information except as required by
law.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170921006205/en/
RealPage, Inc.Rhett Butler,
972-820-3773rhett.butler@realpage.com
RealPage (NASDAQ:RP)
Historical Stock Chart
From Feb 2024 to Mar 2024
RealPage (NASDAQ:RP)
Historical Stock Chart
From Mar 2023 to Mar 2024