NU Online News Service, May 11, 2:53 p.m. EDT--The Chubb Corporation said this week that it received a subpoena from the U.S. Attorney for the Southern District of New York regarding the use of finite reinsurance products.
The Warren, N.J.-based carrier disclosed in its Securities and Exchange Commission filing that it received the subpoena on Monday, May 9, "as part of an investigation into the use of finite-risk insurance and related products."
In recent months, New York Attorney General Eliot Spitzer, the U.S. Securities and Exchange Commission and other regulatory authorities have been questioning whether certain finite re deals were used to manipulate corporate balance sheets.
The carrier assured, however, that the company was not "singled out" in the probe.
"Chubb believes this investigation involves a number of industry participants and that Chubb has not been singled out in being asked to provide such information," the company stated in the SEC filing. "Chubb intends to cooperate fully with this investigation."
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