The U.S. Securities and Exchange Commission has subpoenaed the chief executive officer of Toronto-based Fairfax Financial Holdings Ltd. in an investigation of finite reinsurance accounting, the company said today.
CEO Prem Watsa was targeted in connection with an answer to a question about a review of the company's finite reinsurance contracts.
As part of the 2005 year-end reporting and closing process, Fairfax and its subsidiaries internally reviewed all contracts on a list provided to the SEC and some additional contracts.
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