Assurant Inc. has been hit with two negative rating actions since the company placed its five top officers on administrative leave after notices from the Securities Exchange Commission that it contemplates civil action against them.
The five who received Wells notices are being investigated by the SEC in connection with ongoing investigations of certain loss mitigation insurance products, according to Assurant.
A.M. Best and KeyBanc Capital Markets both said they have taken action against the insurer. KeyBanc said it has dropped the company from “buy” to “hold,” and Best said it has revised the outlook for Assurant ratings to negative from stable.
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