Assurant Inc. (AIZ) announced that it has entered into a settlement with the U.S. SEC that concludes the SEC's finite reinsurance investigation of Assurant. The allegation was that, in connection with its accounting for a recovery under a catastrophe reinsurance arrangement that expired in 2004, the company violated certain non-fraud-related sections of the Securities Exchange Act of 1934. Assurant neither admitted nor denied the SEC's allegations.
The SEC staff has informed the company that it does not intend to pursue any charges or other action against any current executives of Assurant. The company believes it also is unlikely that the SEC will pursue any charges or actions against former employees who received Wells notices in 2007. Assurant agreed to the entry of a judgment requiring payment of a civil penalty of $3.5 million and enjoining the company from violating certain provisions of the federal securities laws. The charge will be reflected in the company's fourth quarter 2009 financial results.
Robert Pollock, Assurant's president and CEO, said, "We are pleased to have the matter resolved and we look forward to continuing to serve our clients and delivering value for all Assurant stakeholders. With this matter concluded, we expect to renew our share repurchase program after our full-year 2009 earnings announcement next month".
The settlement is subject to court approval.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.