Assurant (AIZ) - Get Report placed five top execs, including its CEO and financial chief, on administrative leave after regulators gave notice they plan to file civil suits against the men in an investigation of certain loss mitigation insurance products.
The New York-based insurer said the
Securities and Exchange Commission's
staff issued so-called Wells notices to CEO Robert B. Pollock, finance chief Philip Bruce Camacho and three others.
Assurant said its board will name interim successors to Pollock and Camacho on Wednesday.
"The Assurant Board of Directors has formed a special committee of non- management directors," the company said. "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."
The company said it will continue to cooperate with the probe.