ASSURANT INC

9. Variable Interest Entities

In the normal course of business, the Company is involved with various types of investment entities that may be considered VIEs. The Company evaluates its involvement with each entity to determine whether consolidation is required. The Company’s maximum risk of loss is limited to the carrying value and unfunded commitments of its investments in the VIEs. There were no consolidated VIEs as of December 31, 2023 and 2022.

Non-Consolidated VIEs

Real Estate Joint Venture and Other Partnerships

The Company invests in real estate joint ventures and limited partnerships, as well as closed ended real estate funds. These investments are generally accounted for under the equity method as the primary beneficiary criteria is not met; however, the Company is able to exert significant influence over the investees operating and financial policies. These investments are included in the consolidated balance sheets in other investments. As of December 31, 2023 and 2022, the Company’s maximum exposure to loss is its recorded carrying value of $249.1 million and $242.3 million, respectively. The Company’s unfunded commitments were $121.4 million as of December 31, 2023.

See Note 2 for additional information on significant accounting policies related to VIEs.