Assurant Reorganizes Property Units
Assurant has reorganized its Assurant Solutions divisions into two separate businesses: Assurant Specialty Property and Assurant Solutions, the latter being the division that has in the past been known as Consumer Protection Solutions.
The company has named S. Craig Lemasters the president and chief executive officer of Assurant Solutions, which will encompass the company's credit insurance and debt protection-administration products, extend service contracts and warranties, and vehicle service contracts. Mr. Lemasters will also oversee international operations.
Assurant has named John B. Owen president and CEO of Assurant Specialty Property, a unit that will include the company's creditor-placed homeowners insurance, manufactured housing and other specialty property products.
Assurant said it "anticipates the transition will be complete by the end of the year and that the two new businesses will begin reporting separate segment financials as soon as is practical in 2006."
Mr. Lemasters and Mr. Owen will succeed Bruce Camacho, who previously served as president and CEO of Assurant Solutions. Mr. Camacho has been named executive vice president and chief financial officer of Assurant.
"Under Bruce's leadership, Assurant Solutions has experienced strong growth," said J. Kerry Clayton, Assurant's CEO. "We are confident that separating these product groups will increase their ability to be innovative and focused in serving their respective markets, enabling successful growth for each of them as well as the enterprise as a whole."
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