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Member, Beacon International Group, Ltd.
NEW YORK--Assurant Inc. said it has terminated a senior vp and a risk manager who previously were placed on administrative leave amid a federal investigation into finite reinsurance arrangements.
Assurant's board of directors terminated Michael Steinman, who had been senior vp and chief actuary for Assurant Solutions/Assurant Specialty Property, the specialty insurer said Thursday. The board also fired Dan Folse, who had been vp-risk management for Assurant Solutions/Assurant Specialty Property.
Three other executives remain on administrative leave. They are Robert B. Pollock, Assurant's president and chief executive officer; Philip Bruce Camacho, executive vp and chief financial officer; and Adam Lamnin, executive vp and CFO of Assurant Solutions/Assurant Specialty Property.
All five were place on administrative leave last month after receiving so-called Wells notices, which are Securities and Exchange Commission notices that civil enforcement actions could follow (BI, July 23).
The termination of Messrs. Steinman and Folse followed a review conducted by a special Assurant board committee formed to evaluate the matter, the company said.
Assurant also said it believes the SEC's investigation involves a catastrophe reinsurance contract the company had with one reinsurer commencing over a decade ago and that expired in 2004.
Federal officials have been investigating whether insurers used finite coverage to smooth earnings and conceal their true financial position.