RenRe Subpoenaed in Finite Probe
Bermuda-based RenaissanceRe Holdings Ltd. has received a subpoena from the U.S. Attorney' Office for the Southern District of New York in Manhattan in an investigation concerning accounting for finite risk products, the company said.
The Securities and Exchange Commission with New York Attorney General Eliot Spitzer's office is also examining the use of finite reinsurance products and has subpoenaed the company.
"The company intends to cooperate in responding to these requests," the statement said.
Investigators have been probing instances where such transactions have been used to improperly inflate corporate financial statements.
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