Washington–Markel Corp., a specialty insurer based in Richmond,Va., has been caught up in the apparently widening net federal andstate regulators are casting into the use of finite insurance, aproduct used to manage earnings.
The company said in its quarterly 10-Q filing Nov. 2 that it hasreceived a subpoena from the Securities and Exchange Commission"seeking documents concerning transactions by the Company in thesecurities of Fairfax Financial Holdings Limited (Fairfax) and'non-traditional product' transactions between the Company andFairfax." It said the subpoena was received late last month.
In its filing, Markel said it "has not historically purchased orsold finite reinsurance products or used other structures whichwould have the effect of discounting loss reserves."
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