NU Online News Service, May 11, 2:53 p.m.EDT--The Chubb Corporation said this week that it receiveda subpoena from the U.S. Attorney for the Southern District of NewYork regarding the use of finite reinsurance products.
|The Warren, N.J.-based carrier disclosed in its Securities andExchange Commission filing that it received the subpoena on Monday,May 9, "as part of an investigation into the use of finite-riskinsurance and related products."
|In recent months, New York Attorney General Eliot Spitzer, theU.S. Securities and Exchange Commission and other regulatoryauthorities have been questioning whether certain finite re dealswere used to manipulate corporate balance sheets.
|The carrier assured, however, that the company was not "singledout" in the probe.
|"Chubb believes this investigation involves a number of industryparticipants and that Chubb has not been singled out in being askedto provide such information," the company stated in the SEC filing."Chubb intends to cooperate fully with this investigation."
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