SEC Targets Third GenRe Exec

NU Online News Service, May 11, 4:35 p.m.EDT--A third executive tied to General Re has beentargeted by the Securities and Exchange Commission in connectionwith its investigation of financial manipulation in the insuranceindustry, the New York Times reported today.

John Houldsworth, who headed the Stamford, Conn.-based GeneralRe's office in Dublin, was in the middle of several questionabletransactions that have drawn the attention of regulators in theU.S. and other countries, the newspaper said.

General Re has not commented on the investigation.

On Tuesday, New York-based TIAA CREF said that its ChiefFinancial Officer Elizabeth Monrad, formerly at General Re, hadrequested and been granted an unpaid leave of absence from herpost.

"Ms. Monrad has advised TIAA-CREF that she received a 'Wells'notice from the enforcement staff of the Securities and ExchangeCommission," the company stated in a press release.

"The company understands that the notice informed Ms. Monrad ofa possible enforcement action in connection with activities relatedto her prior employment at General Re Corp."

Ms. Monrad joined TIAA-CREF as executive vice president and CFOin June 2003, following her service in a comparable post at GeneralRe. She will be replaced on an interim basis by the current vicepresident of internal audit, Russell Noles.

On Monday, the Times reported that senior executive RichardNapier was under SEC scrutiny for his role in working closely withan executive from American International Group on a transactionsaid to have inflated artificially the AIG reserves.

Last week, the parent corporation of General Re, Omaha-basedBerkshire Hathaway, reported in its quarterly financial report thatan unnamed senior vice president had received a Wells notice,targeting him in connection with a civil fraud complaint.

The investigation centers on allegedly improper accountingprocedures in connection with a finite reinsurance product GeneralRe sold to AIG in the 2000-01 period.