ACE Limited became the latest Bermuda-based insurer to receive a subpoena from the United States Attorney for the Southern District of New York as part of the ongoing investigation into finite risk insurance products (See IJ Website June 10,16,17).
ACE said it “understands that other insurance companies have received similar subpoenas. As previously disclosed by ACE, ACE has received subpoenas from the Securities and Exchange Commission and the New York Attorney General in connection with an investigation into these insurance products. ACE intends to comply with the subpoena.”
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