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Member, Beacon International Group, Ltd.
NEW YORKAssurant 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 last week. 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 placed 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). An Assurant spokesman said he was not aware of SEC charges being filed against any of the individuals.
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, which expired in 2004.
Federal officials have been investigating whether insurers used finite products to smooth earnings and conceal their true financial position.