Swiss Re Receives SEC, Spitzer Subpoena Requests

November 22, 2004

Swiss Re announced that it has received subpoenas from New York State Attorney General Eliot Spitzer and the Securities and Exchange Commission in connection with their investigations into the use of finite, or non-traditional, reinsurance.

The new subpoenas evince the ever-widening scope of the probes. Another Swiss-based company, Zurich Financial Services, recently received a similar subpoena (See IJ Web site Nov.17), and two underwriters in the New York office of its U.S. subsidiary, Zurich American Insurance Company, recently pled guilty to charges involving bid rigging.

Swiss Re said it “may receive similar requests from other governmental or regulatory authorities.” The world’s second largest reinsurer stressed, however that it has “not been named or referred to in any lawsuit relating to this investigation.”

It added that it intends to “fully cooperate with all such requests.”

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