Peninger Named CFO Of Assurant
Assurant's board said it has agreed to Camacho's request to resign as chief financial officer effective March 15. Camacho has also agreed to assist Assurant as a consultant for a 12-month transition period starting March 16.
Peninger has served as Assurant's interim CFO since July 18, 2007. He was previously the president and chief executive officer of Assurant Employee Benefits, beginning in January of 1999.
Assurant also named John S. Roberts president and chief executive officer, Assurant Employee Benefits, effective March 15. Roberts had assumed these roles on an interim basis when Peninger was appointed Assurant's interim CFO.
Peninger was named interim CFO of Assurant after Camacho was placed on administrative leave by the company's board after he had received a "Wells Notice" from the U.S. Securities and Exchange Commission in connection with an ongoing industry investigation of certain loss mitigation insurance products.
On July 17, 2007, Assurant CEO Robert B. Pollock, Camacho and Adam Lamnin, the executive vice president and chief financial officer of Assurant Solutions / Assurant Specialty Property, each received a "Wells Notice" and were placed on administrative leave by Assurant's board.
Pollock was reinstated to his positions by the board on January 28. The company said that Lamnin will be returning to work, reporting to Pollock and, initially, assisting with a variety of strategic projects.
Assurant added that the developments "do not imply any conclusion concerning the outcome of the SEC investigation," which Assurant believes focuses on a catastrophe reinsurance contract between the company and one reinsurer that began over a decade ago and expired in 2004. The SEC staff's inquiry continues, and Assurant said it continues to cooperate fully.
New York-based Assurant is a provider of specialized insurance products and related services in North America and certain international markets. Its four main businesses include Assurant Solutions, Assurant Specialty Property, Assurant Health and Assurant Employee Benefits.
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