Assurant CEO Got $3.5M in 2007 Pay

In a filing with the SEC Thursday, the New York-based insurer reported paying Pollock a base salary of $850,000 and a performance-based bonus of $791,917. The company said the bonus was prorated based on his service before going on administrative leave on July 17.

Pollock also received stock and option awards valued at $1.7 million on the day they were granted.

Additionally, Assurant awarded Pollock $158,654 in all other compensation, which included contributions to 401(k) plans.

Pollock's total pay package in 2006 was valued at $3.7 million, according to a calculation by The Associated Press.

In mid-July, Pollock, as well as Chief Financial Officer Philip Bruce Camacho and three other executives, received a "Wells notice" from SEC staff in connection with the agency's probe of certain loss-mitigation insurance products.

Wells notices indicate that SEC staff is considering recommending that the SEC bring a civil enforcement action against these individuals for violating various federal securities laws. The executives were then placed on administrative leave. Assurant later fired Michael Steinman, formerly a senior vice president and chief actuary, and Dan Folse, formerly a vice president of risk management, two of the executives on leave.

Former CEO J. Kerry Clayton served as interim president and CEO while Pollock was on leave. Clayton declined compensation for his service, but the company paid for commuting expenses. To acknowledge his service, Assurant donated $500,000 on Clayton's behalf to two charities. Clayton, who became Assurant's CEO in 2000, retired in March 2006.

The board reinstated Pollock as president and CEO in January.

The SEC investigation has yet to be completed.