Sign up today and take advantage of member-only content — the kind of timely, cutting edge industry insight that only Money Management Executive can deliver.
  • Exclusive Online Only Content
  • Free Daily Email News Alerts
  • Asset Management Blogs

SEC Requests Information From Buffet's General Re


The Securities and Exchange Commission has requested information from Warren Buffet's General Re about the sale of products to generate steadier earnings. The SEC is interested in a type of reinsurance known as a finite loan, which comprised 20%, or $10 billion, of General Re's insurance reserves for 2003. Used properly, insurers will make finite loans to other insurers in exchange for premiums. But critics say that some insurers set the premiums to be paid at a later date to smooth earnings, an accounting violation.

http://www.mmexecutive.com