Sham reinsurance with AIG and Prudential boosted accounts
The US Securities and Exchange Commission (SEC) sued General Re on Wednesday, alleging the insurer engaged in sham reinsurance transactions with AIG and Prudential Financial, Dow Jones reports.
"Gen Re knowingly provided substantial assistance to both AIG and Prudential in connection with their own violations of the books and records and internal control provisions of the federal securities laws," the lawsuit said.
