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Fraud Trial Targets Gen Re, AIG Execs

General Reinsurance loaned American International Group $500 million to increase its loss reserves and improve its standing with investors, but then disguised the deal as a sham reinsurance

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General Reinsurance loaned American International Group $500 million to increase its loss reserves and improve its standing with investors, but then disguised the deal as a sham reinsurance transaction to hide it from both the investment community and government regulators, prosecutors charged last week in the opening arguments of a long-anticipated federal trial on charges tarnishing the reputation of two heavyweight carriers.

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