Philadelphia Consolidated Holding said it received a subpoena from the U.S. Securities and Exchange Commission requesting information related to deals with Berkshire Hathaway Inc.'s reinsurance unit General Re.
The Bala Cynwyd, Pa.-based Philadelphia Consolidated said it's been asked by the SEC for documents and other information regarding General Re's "non-traditional insurance products" entered into by two Philadelphia Consolidated units: Philadelphia Indemnity Insurance Co. and Philadelphia Insurance Co.
Philadelphia Consolidated said it is cooperating with the request. The company also noted it believes "that a number of other insurance companies have received requests from regulatory and governmental authorities for similar types of information."
General Re and its non-traditional insurance products have been at the center of an intense regulatory scrutiny in recent weeks. Earlier this month, two General Re executives pleaded guilty for conspiring to file false financial reports that helped burnish American International Group's accounting results.
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