Three executives, including president and CEO Robert Pollock, received notices that securities regulators are considering action against them
Assurant Inc. said three executives, including president and chief executive officer Robert Pollock, received notices that securities regulators are considering enforcement action against them.
Robert B. Pollock, Assurant's president and chief executive officer, Philip Bruce Camacho, Assurant's executive vice president and chief financial officer, and Adam Lamnin, executive vice president and chief financial officer of Assurant Solutions / Assurant Specialty Property, have each received a "Wells notice" from the staff of the Division of Enforcement of the U.S. Securities and Exchange Commission (SEC) in connection with its ongoing investigation of certain loss mitigation insurance products.
The Wells notices indicate that the SEC staff is considering recommending that the SEC bring a civil enforcement action against these individuals for violating various provisions of the federal securities laws.
In a statement board chairman, Dr. John Palms, said: "The Assurant Board of Directors has formed a Special Committee of non-management directors. The Special Committee continues the Board's work of evaluating the situation and will be in a position to continue to promptly recommend appropriate actions to the Board with respect to the investigation."
"Over the past two years, Assurant has cooperated fully with the SEC's industry-wide investigation and will continue to do so while focusing on executing on its proven business strategy and honoring its commitments to employees, customers and shareholders," stated Dr. Palms.
The executives now have a chance to respond before the SEC staff makes a formal recommendation.