Feds Subpoena CNA on Finite Reinsurance; SEC Probes Restatement
The Insurance Journal
June 21, 2005
Chicago-based commercial insurer CNA Financial Corp. has received a subpoena from New York federal prosecutor David Kelley relating to his investigation of finite reinsurance.
Kelley, the U.S. Attorney for the Southern District of New York, has asked at least 10 companies to provide documents relating to the practice, according to Reuters.
The U.S. Securities and Exchange Commission is also after CNA to produce documents related to its recent financial restatement, especially its relationship with Accord Re Ltd. The company said it would cooperate fully with both investigations.