Specialty insurer Assurant Inc. said it has fired two executives implicated in a federal regulatory probe into loss mitigation insurance products.

The New York-based company said Michael Steinman, former senior vice president and chief actuary of Assurant Solutions/Assurant Specialty Property, and Dan Folse, former vice president-risk management, Assurant Solutions/Assurant Specialty Property, were fired.

The company said the action follows a review conducted by a special committee of the board of directors. Both employees were placed on administrative leave after they received Wells notices from the Securities and Exchange Commission in connection with the regulators' ongoing investigation of certain loss mitigation insurance products.

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