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Member, Beacon International Group, Ltd.
NEW YORK--Assurant Inc.'s board of directors has selected J. Kerry Clayton and Michael J. Peninger to step in as the company's interim president and chief executive officer, and interim chief financial officer, respectively.
The appointments are effective immediately. Mr. Clayton previously served in various senior management roles at Assurant, including as CEO of the company from 2000 until his retirement in 2006. Mr. Peninger has been the president and CEO of Assurant Employee Benefits since 1999.
Messrs. Clayton and Peninger were asked to step in following Assurant Inc.'s announcement earlier this week that Robert B. Pollock, president and CEO, and Philip Bruce Camacho, executive vp and chief financial officer, were recipients of so-called "Wells notices"--and thus potentially face civil fraud charges--as part of federal officials' probe of finite reinsurance misuse.
Messrs. Pollock and Camacho, along with three other Assurant executives who were issued Wells notices, have been placed on administrative leave.
New York-based Assurant said it is cooperating with the Security and Exchange Commission's investigation.
An interim successor will be named for Mr. Peninger's role as president and CEO of Assurant Employee Benefits, a spokesman said in an e-mailed statement.