Comments on: Not exactly kicked to the curb at Assurant… http://www.footnoted.com/my-big-fat-deal/not-exactly-kicked-to-the-curb-at-assurant/ Morningstar's guide to what's hiding in SEC filings Fri, 10 Feb 2012 20:24:57 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: John Wilkinson http://www.footnoted.com/my-big-fat-deal/not-exactly-kicked-to-the-curb-at-assurant/comment-page-1/#comment-8198 John Wilkinson Thu, 09 Apr 2009 17:40:31 +0000 http://www.footnoted.com/?p=3438#comment-8198 ASSURANT INSURANCE ... Questionable practices ...... YES for sure!!! Web site advertises insurance for 30 to 180 days and then company continues charging you for the FULL TERM. Be VERY CAREFULL as they will not respond to a well founded appeal. ASSURANT INSURANCE … Questionable practices …… YES for sure!!!
Web site advertises insurance for 30 to 180 days and then company continues charging you for the FULL TERM. Be VERY CAREFULL as they will not respond to a well founded appeal.

]]> By: alan http://www.footnoted.com/my-big-fat-deal/not-exactly-kicked-to-the-curb-at-assurant/comment-page-1/#comment-7724 alan Tue, 10 Mar 2009 20:12:26 +0000 http://www.footnoted.com/?p=3438#comment-7724 Michelle's pont is well made. The notices were sent out for questionable practices. Seems like anybody who was anybody got one and look what their practices got us! The SEC issued them but did not follow up in most cases. Usually companies did exactly what Assurant did--throw money at the problem and make it go away and the government is now buying into the problems. Business as usual. Michelle’s pont is well made.
The notices were sent out for questionable practices.
Seems like anybody who was anybody got one and look what their practices got us!
The SEC issued them but did not follow up in most cases.
Usually companies did exactly what Assurant did–throw money at the problem and make it go away and the government is now buying into the problems.
Business as usual.

]]> By: Michelle Leder http://www.footnoted.com/my-big-fat-deal/not-exactly-kicked-to-the-curb-at-assurant/comment-page-1/#comment-7722 Michelle Leder Tue, 10 Mar 2009 17:31:17 +0000 http://www.footnoted.com/?p=3438#comment-7722 Thanks, David, for that additional (and helpful) perspective. I don't have much insight into Assurant, but the press release and the situation definitely seemed odd to me, which is why I wrote about it. Thanks, David, for that additional (and helpful) perspective. I don’t have much insight into Assurant, but the press release and the situation definitely seemed odd to me, which is why I wrote about it.

]]> By: NewHorizon http://www.footnoted.com/my-big-fat-deal/not-exactly-kicked-to-the-curb-at-assurant/comment-page-1/#comment-7721 NewHorizon Tue, 10 Mar 2009 17:20:25 +0000 http://www.footnoted.com/?p=3438#comment-7721 I Googled "Wells Notice" to find out what it is and thus learned something today. This comes at the expense of an inferiority complex, however, as I assume the rest of your readership didn't need to do this. :-) I Googled “Wells Notice” to find out what it is and thus learned something today.

This comes at the expense of an inferiority complex, however, as I assume the rest of your readership didn’t need to do this.

:-)

]]> By: David Merkel http://www.footnoted.com/my-big-fat-deal/not-exactly-kicked-to-the-curb-at-assurant/comment-page-1/#comment-7720 David Merkel Tue, 10 Mar 2009 16:53:39 +0000 http://www.footnoted.com/?p=3438#comment-7720 True enough, but the SEC has been dragging its heels on the Wells Notices for over 20 months, and the Wells notices concern accounting issues that were incurred in 2002-2004, and disclosed in 2005. The original issues concerned finite reinsurance and a "side letter" that reduced risk to one of their reinsurers. The amounts were not material for any analyst considering buying or selling Assurant, though it seems that accounting principles were violated by the side letter. Assurant just wants this episode to be over, as do those that received the Wells notices. The effect on the management team of Assurant was large relative to what is at stake here, which is why those receiving the Wells notices are now being normalized in some way by Assurant. Camacho leaves. Lanmin comes back. The CEO, Bob Pollock came back in January 2008. Steinman and Folse were terminated in August 2007. Camacho leaving means that for the first time in 20 months, Assurant is operating with a permanent management team. Camacho served Assurant for a long time -- management tenure at Assurant is longer than at most insurance companies, so as a shareholder, I am not bothered by the payout to Camacho. Full disclosure: long AIZ True enough, but the SEC has been dragging its heels on the Wells Notices for over 20 months, and the Wells notices concern accounting issues that were incurred in 2002-2004, and disclosed in 2005. The original issues concerned finite reinsurance and a “side letter” that reduced risk to one of their reinsurers. The amounts were not material for any analyst considering buying or selling Assurant, though it seems that accounting principles were violated by the side letter.

Assurant just wants this episode to be over, as do those that received the Wells notices. The effect on the management team of Assurant was large relative to what is at stake here, which is why those receiving the Wells notices are now being normalized in some way by Assurant.

Camacho leaves. Lanmin comes back. The CEO, Bob Pollock came back in January 2008. Steinman and Folse were terminated in August 2007. Camacho leaving means that for the first time in 20 months, Assurant is operating with a permanent management team. Camacho served Assurant for a long time — management tenure at Assurant is longer than at most insurance companies, so as a shareholder, I am not bothered by the payout to Camacho.

Full disclosure: long AIZ

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