assurant inc (AIZ) Key Developments
Assurant Inc. Announces Management Changes
Sep 16 14
Assurant Inc. announced the appointment of Alan B. Colberg, as president, effective immediately, and as chief executive officer and director of the company's board, effective Jan. 1, 2015. He succeeds Robert B. Pollock who announced his plan to retire earlier this year after 33 years with the company. Alan B. Colberg, recently appointed president of Assurant Inc. and incoming chief executive officer and director of the company's board, effective Jan. 1, 2015. Since joining Assurant in March 2011, Colberg has served as executive vice president, marketing and business development where he was responsible for fully integrating Assurant's strategy with enterprise-wide and business-level innovation and growth plans. Colberg joined Assurant following a 22-year career with Bain & Company Inc. During his tenure there, he held numerous operational and leadership roles. Pollock will work closely with Colberg during his remaining time at the company to ensure a smooth transition.
Berger & Montague, P.C. and Nichols Kaster, PLLP Announce Final Approval of Nationwide Class Action Settlement with Citibank, N.A, Assurant, Inc., American Security Insurance Company, and Standard Guaranty Insurance Company
Aug 25 14
Judge David Hurd of the United States District Court for the Northern District of New York has granted final approval of a nationwide class action settlement in a pair of consolidated federal cases, Casey v. Citigroup Inc., No. 12-cv-820 (N.D.N.Y.) and Coonan v. Citibank, N.A., No. 13-cv-353 (N.D.N.Y.), involving force-placed insurance. The law firms appointed to represent the plaintiffs and the classes, Berger & Montague, P.C. and Nichols Kaster, PLLP, are pleased that the court approved all aspects of the settlement, which makes force-placed insurance refunds available to over 400,000 borrowers. Specifically, Citibank and the other defendants have made more than $115 million in refunds and escrow credits available to borrowers whose mortgage loans were serviced by Citibank, and who submit a claim form to receive a refund of the force-placed insurance premiums that were charged to them. The lawsuits alleged that Citibank and its force-placed insurance vendors, Assurant Inc., American Security Insurance Company, and Standard Guaranty Insurance Company, unlawfully profited from force-placing insurance on borrowers' properties, including by arranging for improper kickbacks or so-called 'commissions' to be paid to Citibank or its affiliates by the force-placed insurance vendors. The Casey lawsuit also alleged that Citibank increased the amount of force-placed flood insurance required for some borrowers in excess of their unpaid principal balance, in violation of borrowers' loan agreements. To receive compensation under the settlement, mortgage borrowers whose loans have been serviced by Citibank and who were subjected to force-placed insurance must submit a claim form by the end of the claim period, which remains open. Class members who submit timely and valid claims will receive a check or escrow credit equal to 12.5% of any hazard insurance premiums they were charged between January 1, 2007 and April 2, 2014; 8% of any wind insurance premiums they were charged between January 1, 2007 and April 2, 2014; and 8% of any flood insurance premiums they were charged between May 17, 2006 and April 2, 2014.
Assurant Inc. Announces Asset Management Executive Promotions
Aug 16 14
Assurant Inc. announced the promotion of asset management team members, Michael R. Feeney, Paul Koenig, Vadim Lipovetsky and Judi Salvato. Their well-deserved promotions are a testament to their many contributions to asset management as well as the overall organization and reflect Assurant s commitment to fostering talent. Feeney was named senior vice president, head of credit and high yield portfolio management. In this role, he will manage the credit team that oversees Assurant s portfolio and manage the high-yield component of the portfolio. Since 2008, Feeney had served as vice president, head of credit and high yield portfolio management at the company. Koenig, a 10-year veteran of Assurant, was named senior vice president, head of investments. Koenig will be responsible for all portfolio management across all asset classes. Prior to his new role, Koenig served as vice president, portfolio management, fixed income. Lipovetsky was named senior vice president, head of investment actuarial. In this role, he is responsible for several areas within the asset management process, all of which rely on a combination of actuarial and investment expertise. Lipovetsky joined Assurant in 1999 and most recently served as vice president, head of portfolio risk management and structured products. Salvato was named senior vice president, head of investment analytics and operations. In addition to her current duties, Salvato will be responsible for investment analytics across all asset classes and oversee the commercial mortgage operations area. During her 14-year career at Assurant, Salvato has served in a variety of roles and was most recently vice president, head of analytics and cash management.
Assurant, Inc. Appoints Eric Greenman as Executive Vice President and Chief Investment Officer, Effective August 15, 2014
Aug 5 14
Assurant Inc. named Eric Greenman executive vice president and chief investment officer, effective August 15, 2014. Greenman previously served as Assurant's senior vice president, head of fixed income. He will continue to report to Christopher J. Pagano, Assurant's incoming chief financial officer, who he succeeds as CIO.
Assurant Mulls Acquisitions
Jul 24 14
Assurant Inc. (NYSE:AIZ) is looking for acquisitions. Rob Pollock, President and Chief Executive Officer of Assurant Inc. said, "Our balance sheet remains strong. We ended the quarter with approximately $560 million of holding company capital. This provides flexibility to make investments in our businesses, pursue select acquisitions and return capital to shareholders."