Assurant Names Permanent Chief Financial Officer

<p>Assurant Inc. said Michael Peninger is to become chief financial officer on a permanent basis, succeeding P. Bruce Camacho, who has resigned.</p> <p>Peninger will also become executive vice president of the company, Assurant said in a statement. He was interim CFO as Camacho has been on administrative leave since July 2007 after receiving a Wells notice from the U.S. Securities and Exchange Commission related to an investigation of certain loss mitigation insurance products.</p> <p>Camacho left to "pursue other opportunities," Assurant said, but he will remain as a consultant for a year.</p> <p>Assurant placed five top executives, including its president and chief executive officer and its executive vice president and chief financial officer, on administrative leave after they received Wells notices from federal securities regulators relating to an ongoing investigation of some finite reinsurance products (BestWire, July 17, 2007).</p> <p>Robert Pollock, president and chief executive, was reinstated by the company's board in January. Adam Lamnin, CFO of Assurant's specialty property unit was also put on administrative leave but will return to work, reporting to Pollock, Assurant (NYSE: AIZ) said.</p> <p>In November, A.M. Best Co. revised the rating outlook to stable from negative of the financial strength ratings and issuer credit ratings of Assurant Inc. and its various life/health and property/casualty insurance subsidiaries. A.M. Best Co. gave the companies a negative outlook based on certain Assurant executives being served with Wells Notices by the SEC (BestWire, Nov. 25, 2008).</p> <p>Assurant said it continues to cooperate with the SEC's investigation. Management changes will take effect March 15.</p> <p>Assurant Employee Benefits has named John S. Roberts as its president and chief executive officer. Roberts assumes his new post — which since July 2007 he had held on an interim basis — with the Kansas City, Mo.-based insurer (BestWire, March 11, 2009). Peninger served as president and CEO of Assurant Employee Benefits.</p> <p>Assurant Insurance Group currently has a Best's Financial Strength Rating of A (Excellent).</p> <p>On the morning of March 11, shares of Assurant stock were selling at $19.03, up 1.33% from the previous close.</p> <p>(By Chad Hemenway, associate editor, BestWeek: [email protected])</p>