A specialty insurer has appointed substitutes for two high-level executives who are on administrative leave.
Assurant Inc., New York, says it has named J. Kerry Clayton, the company’s former president and chief executive officer, to take over from Robert Pollock as interim president and CEO.
Clayton was CEO of Assurant from 2000 to 2006. He has a bachelor’s degree in engineering from the Georgia Institute of Technology and a master’s degree in business from Harvard University.
Assurant has named Michael Peninger, an actuary who has been president of the company’s employee benefits unit, to take over from Philip Bruce Camacho as chief financial officer.
Assurant announced Tuesday that it has placed Pollock and Camacho on administrative leave in response to notices that the U.S. Securities and Exchange Commission has included them in an investigation of “certain loss mitigation insurance products.”
“Assurant continues to cooperate with the SEC in its investigation,” the company says.
Assurant believes the SEC investigation involves a catastrophe reinsurance contract that expired in 2004.