Washington–Markel Corp., a specialty insurer based in Richmond, Va., has been caught up in the apparently widening net federal and state regulators are casting into the use of finite insurance, a product used to manage earnings.

The company said in its quarterly 10-Q filing Nov. 2 that it has received a subpoena from the Securities and Exchange Commission “seeking documents concerning transactions by the Company in the securities of Fairfax Financial Holdings Limited (Fairfax) and ‘non-traditional product’ transactions between the Company and Fairfax.” It said the subpoena was received late last month.

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