Assurant placed five top execs, including its CEO and CFO, on administrative leave after regulators gave notice they plan to file civil suits against the men in an investigation of certain loss mitigation insurance products.
The New York-based insurer said the Securities and Exchange Commission’s staff issued so-called Wells notices to CEO Robert B. Pollock, finance chief Philip Bruce Camacho and three others. Assurant said its board will name interim successors to Pollock and Camacho Wednesday.“
The Assurant Board of Directors has formed a Special Committee of non- management directors,” the company said. “The Special Committee continues the Board’s work of evaluating the situation and will be in a position to continue to promptly recommend appropriate actions to the Board with respect to the investigation.” The company said it will continue to cooperate with the probe.
About Assurant:
Assurant’s businesses provide a unique variety of products and services that assure opportunity, security and peace of mind for their customers. They provide creditor-placed homeowners insurance; manufactured housing homeowners insurance; debt protection administration; credit insurance; warranties and extended services contracts; individual health and small employer group health insurance; group dental insurance; group disability insurance; group life insurance; and pre-funded funeral insurance.
Assurant’s strategy is to manage a select portfolio of specialty businesses that are leaders in their markets.
Source: [TheStreet.com] 
In 2001, CEO Kevin McMahon’s daughter, Darby, was diagnosed with Type 1 diabetes at age 2. Over the subsequent months Kevin spent countless hours asking questions, faxing diet and exercise regimens, and logging blood sugar levels. This is the life of a diabetic…or in this case the loving father of a child with diabetes.
McMahon, a technology sales professsional, thought there had to be an easier way. He thought to himself, “I’m flying around the world, explaining how to use a wireless PDA…for silly things like how to find the closest coffee house or taxi cab”…when it hit him that his family had a very real need. (Kevin was part of the team at Compaq that launched the first GSM/GPRS iPAQ PDA)
That’s when GlucoMON was born. GlucoMON™ is an automated, long-range wireless blood glucose data monitoring and transmittal system. Diabetech describes the simple 3-step operation of the device:
Step 1: Test with a blood glucose meter. The GlucoMON™ is waiting and always ready to transmit your child’s new glucose results, automatically.
Step 2: Replace the meter into its case. The GlucoMON™ automatically reads the glucose meter.
Step 3: You’re done! GlucoMON™ does the rest. Within a few seconds,the GlucoMON™, via Diabetech’s long-range wireless network, forwards a message to any or all of the people you choose.
As a result of this great innovation hundreds of patients enjoy real-time glucose alerts, automated reports and mobile diabetes education. Because of Diabetech’s mobile diagnostics devices, rules engine technology and social networking protocols, the company is delivering lower A1c’s, significantly improved safety and a much improved quality of life to diabetes sufferers currently using the product.
Diabetech CEO Kevin McMahon recently contacted CEO SMACK to fill us in on some recent industry developments that could change the competitive landscape as it relates to his company and their revolutionary new product line.
In his own words:
As you may or may not be aware, Qualcomm has announced their intent to create LifeComm, an MVNO focused on healthcare, wellness, etc. with specialized convergent wireless medical/biosensor devices. My company is already in the field with mobile diagnostics, rules engine technology and social networking based programs. QualComm has already experienced a previous version of our system. Obviously, since Diabetech announced our GSM/GPRS network roadmap we don’t really have the potential for synergy with Qualcomm that we used to.This has the potential to heat up the entire worldwide market for advanced healthcare along the lines of CDMA vs GSM with differentiated offerings.
CEO SMACK breaks down the CDMA/GSM Debate:
CDMA:Code Division Multiple Access (CDMA) is a technology developed by Qualcomm in the United States, and it is currently the dominant network standard in North America.
GSM: Global System for Mobile communications (GSM) was invented in 1987 by the GSM Association, an international organization dedicated to developing the GSM standard worldwide.
There is no clear winner in the CDMA vs. GSM debate here; it all depends on your needs. CDMA was established earlier in North America and thus has a bit more coverage than GSM. GSM on the other hand is an international standard backed by an international organization.
