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Gen Re Exec Pleads In AIG Reserve Case

A Gen Re executive today became the second top player to confess in federal court to a role in a $500 million sham reserving ...

By Daniel Hays | Updated on February 11, 2005

A Gen Re executive today became the second top player to confess in federal court to a role in a $500 million sham reserving scheme with American International Group.

The admission in U.S. District Court in Alexandria, Va., by Richard Napier, a former senior vice president for Stamford, Conn.-based Gen Re, came as part of a plea agreement with the Eastern District of Virginia U.S. Attorney’s Office and U.S. Justice Department’s criminal division.

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