Assurant CEO Sees 2008 Compensation Rise 53 Pct

DAVID PITT

DES MOINES, Iowa (AP) — Assurant Inc. awarded President and Chief Executive Robert B. Pollock compensation valued at $5.4 million for fiscal 2008, a 53 percent increase over the previous year, according to Associated Press calculations of data filed with regulators.

In a filing with the Securities and Exchange Commission on Thursday, the New York-based insurer reported paying Pollock a base salary of $950,000, up 12 percent from the year before.

In March, the board's compensation committee, acting on information provided by a consultant, approved the pay increase to bring the CEO's pay in line with others in the industry.

A performance based bonus more than doubled to $1.6 million from $791,900 the year before.

Pollock, 54, also received stock and option awards valued at $2.7 million on the day the were awarded, up 55 percent from $1.7 million in 2007.

Additionally, Assurant awarded Pollock $126,072 in all other compensation, which included contributions to 401(k) plans.

Pollock's total pay package in 2007 was valued at $3.5 million, according to a calculation by The Associated Press.