SEC Targets Third GenRe Exec

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

John Houldsworth, who headed the Stamford, Conn.-based General Re's office in Dublin, was in the middle of several questionable transactions that have drawn the attention of regulators in the U.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 Chief Financial Officer Elizabeth Monrad, formerly at General Re, had requested and been granted an unpaid leave of absence from her post.

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

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

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

On Monday, the Times reported that senior executive Richard Napier was under SEC scrutiny for his role in working closely with an executive from American International Group on a transaction said to have inflated artificially the AIG reserves.

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

The investigation centers on allegedly improper accounting procedures in connection with a finite reinsurance product General Re sold to AIG in the 2000-01 period.

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SEC Targets Third GenRe Exec

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