ASSURANT INC

13. Property and Equipment

Property and equipment consisted of the following as of the dates indicated:

Depreciation expense for the years ended December 31, 2024, 2023 and 2022 amounted to $139.4 million, $109.3 million and $86.3 million, respectively. Depreciation expense is included in underwriting, selling, general and administrative expenses in the consolidated statements of operations.

The assets of the Miami, Florida office met held-for-sale criteria in second quarter 2023 and were reclassified from property and equipment, net, to other assets in the consolidated balance sheet as of December 31, 2023. The Company has ceased depreciation of these assets which are recorded at carrying value of $46.0 million as of December 31, 2024 and 2023, which is less than the estimated fair value less estimated costs to sell. During first quarter 2025, the Company entered into an agreement to sell the Miami, Florida property to a buyer for a purchase price of $126.0 million. If the transaction is consummated pursuant to the terms of the agreement, the Company expects to record a gain above the carrying value, less estimated costs to sell. There can be no assurance that the transaction will be consummated.