(Bloomberg) — Assurant Inc., an insurer of consumer electronicsand foreclosed homes, promoted Eric Greenman to oversee a $16billion investment portfolio.

Greenman was named chief investment officer, effective Aug. 15,the New York-based company said today in a statement. He replacesChristopher Pagano, who will become chief financial officer in aswitch that was announced in May. Greenman, 46, has been head offixed income since 2004.

“Eric has played a key role in developing and executingAssurant's successful investment strategy,” Chief Executive OfficerRobert Pollock said in the statement. Greenman's “financialexpertise, extensive experience and knowledge of Assurant willensure a smooth transition.”

Insurers have been counting on new chief investment officers tomanage their portfolios as low interest rates pressure income fromassets held to back policyholder obligations. Hartford FinancialServices Group Inc. promoted Brion Johnson to CIO in May.

Assurant's portfolio includes about $11.8 billion offixed-income securities, with investment-grade corporate debt beingthe primary asset class.

'Relative Value'

“We are always focused on A and BBB corporate bonds,” Greenmansaid in an e-mail today. “That being said, we invest across thecredit spectrum and the capital structure as we see relative valueopportunities.”

Assurant had a $1.25 billion investment in commercial- mortgageloans as of June 30, according to its most recent quarterly filing.The company also invests in preferred equity and private-placementsecurities, Greenman said.

The insurer slipped 0.5% to $63.44 at 4:15 p.m. in New York.Assurant has dropped 4.4% this year, compared with the 3.2% declineof the 21-company Standard & Poor's 500 Insurance Index.

Greenman was director of quantitative strategies at New YorkLife Investment Management from 2001 to 2004, according to thestatement. He has a bachelor's degree from Babson College and anMBA from Columbia University, Assurant said.

Copyright 2018 Bloomberg. All rightsreserved. This material may not be published, broadcast, rewritten,or redistributed.