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.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.