Bermuda-based ACE Limited said that it had improperly accounted for eight finite transactions and will restate its financial results for five years and the 2005 first quarter as a result.
ACE, in its announcement, said that the internal investigation, which turned up the accounting problems, did not identify any instances of inappropriate conduct by current senior managers or member of the board.
Non-traditional finite reinsurance deals have been a subject of regulatory scrutiny for more than two years by federal authorities and the New York Attorney General's Office. Last month an executive with a subsidiary of General Re, John Houldsworth, pled guilty to conspiring with American International Group in an improper accounting scheme related to a non-traditional deal.
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