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

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

"Eric has played a key role in developing and executing Assurant's successful investment strategy," Chief Executive Officer Robert Pollock said in the statement. Greenman's "financial expertise, extensive experience and knowledge of Assurant will ensure a smooth transition."

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