Washington–Markel Corp., a specialty insurer based in Richmond, Va., has been caught up in the apparently widening net federal and state regulators are casting into the use of finite insurance, a product used to manage earnings.
The company said in its quarterly 10-Q filing Nov. 2 that it has received a subpoena from the Securities and Exchange Commission "seeking documents concerning transactions by the Company in the securities of Fairfax Financial Holdings Limited (Fairfax) and 'non-traditional product' transactions between the Company and Fairfax." It said the subpoena was received late last month.
In its filing, Markel said it "has not historically purchased or sold finite reinsurance products or used other structures which would have the effect of discounting loss reserves."
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