The St. Paul Travelers Companies and ACE Limited revealed todaythey received subpoenas from federal prosecutors investigating theuse of finite risk products.

Both St. Paul Travelers and ACE stated that they were subpoenaedby the United States Attorney for the Southern District of New Yorkin Manhattan as part of an investigation into the use of finiterisk insurance and related products.

Investigators have been looking into suspected improperaccounting of the products by companies seeking to present amisleading financial picture.

The two carriers said they understand "that other industryparticipants have received similar subpoenas." St. Paul Travelersand ACE had previously disclosed that they had also receivedsubpoenas from the SEC and New York Attorney General Eliot Spitzerregarding this issue.

Earlier this week, Bermuda-based reinsurers PlatinumUnderwriters Holdings and RenaissanceRe Holdings announced thatthey have received subpoenas from the United States Attorney forthe Southern District of New York regarding finite risk products.Previously, both reinsurers had received similar subpoenas from theSEC as well as Mr. Spitzer's office.