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."
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