NEW YORK--Assurant Inc. announced Monday that its board of directors unanimously agreed to reinstate Robert B. Pollock as president and chief executive officer.
The New York-based insurer in July announced that it had placed Mr. Pollock on administrative leave after he received a "Wells notice" from the Securities and Exchange Commission related to an investigation into finite reinsurance contracts (BI, July 23, 2007).
The SEC has not concluded its investigation, and Assurant said it cannot predict the investigation's outcome or how long it will continue. But the insurer said its own "special committee" has completed a review in which the company's board concluded that Assurant would be best served if Mr. Pollock returned to his leadership responsibilities.
P. Bruce Camacho, Assurant's executive vp and chief financial officer, and Adam Lamnin, executive vp and CFO of Assurant Solutions/Assurant Special Property, also were placed on administrative leave last year. Thy will remain on administrative leave pending further developments.
J. Kerry Clayton, who has served as president and CEO on an interim basis, will remain in an emeritus position through the end of February, with Mr. Pollock's reinstatement effective Monday.
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