A General Reinsurance executive became the second top player to confess in federal court this month to a role in a $500 million sham reserving scheme with American International Group.

The admission in U.S. District Court in Alexandria, Va., by Richard Napier–a former senior vice president for Stamford, Conn.-based Gen Re–came as part of a plea agreement with the Eastern District of Virginia U.S. Attorney's Office and U.S. Justice Department's criminal division.

Mr. Napier's confession follows an earlier plea by John Houldsworth, the former chief executive of Gen Re subsidiary Cologne Re Dublin. Gen Re is a unit of Omaha, Neb.-based Berkshire Hathaway.

Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader

  • All PropertyCasualty360.com news coverage, best practices, and in-depth analysis.
  • Educational webcasts, resources from industry leaders, and informative newsletters.
  • Other award-winning websites including BenefitsPRO.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.