According to a Reuters report on Tuesday, Prudential Financial Inc. has received a subpoena from Connecticut Attorney General Richard Blumenthal asking for information about its participation in a number of reinsurance transactions.
In a securities filing, the financial services company reported it uses reinsurance “primarily to transfer mortality risk, to acquire or dispose of blocks of business and to manage our capital more effectively.”
Prudential indicated it had started a voluntary review of its accounting for reinsurance arrangements prior to receiving the subpoena, in light of news over reinsurance transactions involving other companies. Prudential indicated it intends to cooperate.
Prudential also said its board of directors increased the size of its 2005 share repurchase program to $2.1 billion from $1.5 billion. Prudential reported it repurchased about $678 million of common stock from Jan. 1 to June 7.
Prudential shares gained 2 cents to $63.08 in afternoon trading on the New York Stock Exchange.
Topics Reinsurance Connecticut
Was this article valuable?
Here are more articles you may enjoy.
State Farm Adjuster’s Opinion Does Not Override Policy Exclusion in MS Sewage Backup 
AIG’s Zaffino: Outcomes From AI Use Went From ‘Aspirational’ to ‘Beyond Expectations’ 
Zurich Insurance Profit Beats Estimates as CEO Eyes Beazley 
Two-Thirds of Independent Agencies Plan to Increase AI Use This Year, Survey Says 
