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Topic: General Re


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In the News (Fri 18 Dec 09)

  
  Berkshire Hathaway and General RE Corp. to Merge
Under the terms of the agreement, General Re has agreed to grant Berkshire options to purchase, subject to certain terms, up to 19.9% of the outstanding General Re shares at the transaction price, subject to a cash limit of 3% of the aggregate consideration.
Furthermore, General Re will be free to reduce its reliance on the retrocessional market over time, and thereby have substantial additional funds available for investment.
General Re Corporation is a holding company for global reinsurance and related risk management operations.
www.berkshirehathaway.com /news/jun1998.html   (851 words)

  
 deseretnews.com | New York AG serves subpoena on Berkshire's General Re
Berkshire also said it and General Re are cooperating with an investigation by the U.S. Attorney for the Eastern District of Virginia, Richmond Division, relating to one of General Re's former clients that it did not identify.
General Re and four of its current and former employees first received subpoenas for documents in that investigation in October 2003.
General Re, based in Stamford, Conn., is one of the four largest reinsurance companies in the world.
deseretnews.com /dn/view/0,1249,600103706,00.html   (376 words)

  
 USATODAY.com - General Re failed to meet hopes   (Site not responding. Last check: 2007-10-13)
General Re — one of several corporate giants at the center of several widening investigations into the insurance industry — was one of the world's largest "reinsurance" companies, which insure insurance firms by covering their claims.
General Re, which held a near-monopoly on U.S. reinsurance when the Mellon family owned the company in the 1940s, seemed well run and financially strong.
General Re underestimated the claims it had to pay and posted huge underwriting losses of $3 billion through 2001.
www.usatoday.com /money/perfi/insurance/2005-03-29-general-usat_x.htm   (512 words)

  
 Executive of General Re Is Notified of U.S. Case
The Justice Department has notified a senior executive of the General Re Corporation, John Houldsworth, that he is the target of the agency's criminal fraud investigation into insurance industry abuses, according to a person briefed on the matter.
The United States attorney for the Eastern District of Virginia, which has been investigating General Re's role in the collapse of a medical malpractice insurer, has also notified another former General Re executive that he or she is a target of that criminal investigation, according to Berkshire's filing.
Three General Re vice presidents are named as defendants in the Virginia federal suit against former principals and others involved in the collapse of the malpractice insurer, Reciprocal of America.
www.badfaithinsurance.org /reference/General/0243a.htm   (652 words)

  
 Lax Irish regulation cited in General Re fraud case
Reinsurance giant General Re moved a massive $500 million (387 million) fraud to Dublin because Ireland has lax financial reporting and was a country "without too much regulatory oversight", US prosecutors have said in court papers lodged in Virginia.
They also allege that General Re's former chief financial officer, Elizabeth Monrad, said that such illegal transactions were "like morphine" because they become so financially addictive, while the head of its Dublin subsidiary, Cologne Re Dublin, assured his bosses that there was no way the transaction would show up on public documents in Dublin.
General Re, a subsidiary of billionaire Warren Buffet's Berkshire Hathaway group, is alleged to have created $500 million of false insurance reserves to falsely boost AIG's financial health.
www.badfaithinsurance.org /reference/General/0567a.htm   (627 words)

  
 Houston's Clear Thinkers: General Re continues to serve up sacrificial lambs
Meanwhile, General Re continued its attempt to hedge the risk of loss resulting from the criminal probes by negotiating with the government about settling a continuing criminal investigation that focuses on whether General Re conspired with AIG to distort its finances and mislead investors.
The negotiations are complicated by the competing government investigations into AIG and General Re, which a Justice Department probe, an SEC investigation, and the New York attorney general office's investigation.
Berkshire's lawyers have instructed General Re executives to provide emails, notes and other documents to investigators in connection with the various investigations, and Berkshire has publicly stated several times that it is cooperating fully with all government investigations of its reinsurance businesses.
blog.kir.com /archives/002071.asp   (322 words)

  
 Euro2day :: General Re not target in federal probe
Officials at General Reinsurance received a letter from the U.S. Attorney for the Eastern District of Virginia Tuesday stating that the Berkshire subsidiary is not considered a target or subject of the investigation into the collapse of Reciprocal, according a filing with the Securities and Exchange Commission.
Four current or former General Re employees had previously received subpoenas as part of the Reciprocal investigation, and one of the four had been identified as a target of the investigation.
Reinsurance policies, such as those General Re offers, are policies that insurance companies buy from another reinsurance company to cover all or part of their risk.
www.euro2day.gr /articlesfna/22510048   (1044 words)

  
 Berkshire Hathaway to buy General Re for $22 billion
As a reinsurer, General Re writes insurance policies for other insurance companies that are trying to spread out their risk of having to pay big claims.
Buffett said the deal was worth the money because as part of Berkshire, General Re's finances will be stronger and it will be able to issue policies it had avoided in the past.
General Re, based in Stamford, is already the largest reinsurer in the United States and the third-largest in the world.
www.insidecowboys.com /1998/biz/berk0620.html   (530 words)

  
 4 former executives charged in AIG-General Re inquiry - Business - International Herald Tribune
WASHINGTON Three former executives at Berkshire Hathaway's General Re insurance unit and a former American International Group executive were indicted by a U.S. grand jury on charges of fraud and conspiracy, the Justice Department announced Thursday.
Since early last year, federal prosecutors have been investigating General Re and AIG for financial improprieties relating to the five-year-old deal between the two companies, major players in the reinsurance industry, which provides insurance to insurers.
The New York State attorney general, Eliot Spitzer, is also investigating improprieties at AIG and has filed a civil fraud complaint against AIG and its former chief executive, Maurice Greenberg, as well as the former chief financial officer, Howard Smith.
www.iht.com /articles/2006/02/02/business/indict.php   (679 words)

  
 Berkshire Hathaway says General Re CEO received SEC notice - 09/10/05   (Site not responding. Last check: 2007-10-13)
Berkshire, which is led by billionaire Warren Buffett, said General Reinsurance CEO Joseph Brandon received a Wells notice on Thursday from the Securities and Exchange Commission that said the SEC staff is considering a recommendation that Brandon be charged with civil violations of securities laws.
General Re is a major player in the reinsurance industry, and wide-ranging probes into reinsurance are being conducted by in the United States and overseas.
General Re has been under investigation over some reinsurance transactions with the insurance heavyweight American International Group Inc. and with Virginia-based Reciprocal of America, a former liability insurer of doctors, hospitals and lawyers.
www.detnews.com /2005/business/0509/10/biz-309680.htm   (572 words)

  
 Managed Care Matters - AIG, General Re face Federal charges
A potential legal blockbuster involving top executives at General Re and AIG was disclosed in today's New York Times.
According to the Times' report, three former top executives at Berkshire Hathaway's General Re subsidiary and the former head of AIG's reinsurance operation are to be charged today with civil and criminal complaints stemming from AIG's alleged use of improper financial transactions to boost reserves.
General Re is owned by Berkshire Hathaway, whose chairman Warren Buffett was not aware of the nature of the transaction.
www.joepaduda.com /archives/000404.html   (395 words)

  
 General Re Corporation
General Re Corporation, a subsidiary of Berkshire Hathaway Inc., announced that Harry L. Richter, Ch...
General Re Corporation announces it has purchased AXA Konzern AG's 49.9 percent shareholding in a Lu...
General Re Corporation, a subsidiary of Berkshire Hathaway Inc., announced that Patricia H. Roberts...
www.insurancejournal.com /company/185   (530 words)

  
 3rd General Re official faces a fraud complaint
The U.S. Securities and Exchange Commission has notified a third executive of General Re that he faces a civil fraud complaint as part of an investigation of financial manipulation in the insurance industry, according to a person briefed on the matter.
General Re, an insurance unit of Berkshire Hathaway, is the subject of several regulatory inquiries in the United States and abroad.
The lawyers were examining General Re's books as part of an internal inquiry prompted by a Justice Department investigation of the company's financial dealings with some medical malpractice insurers.
www.iht.com /articles/2005/05/11/business/fraud.php   (491 words)

  
 General Re Exec Said to Face Complaint
NEW YORK -- The Securities and Exchange Commission has notified a third executive of reinsurer General Re Corp. that he faces a civil fraud complaint as part of an ongoing probe of possible financial manipulation, according to a published report Wednesday.
General Re, a unit of Warren Buffett's Berkshire Hathaway, has said it is cooperating into a probe of its business transactions with insure American International Group.
The two other General Re executives facing an SEC probe are Richard Napier, who received a notice from the SEC last week, and Elizabeth Monrad, who has left General Re and had taken the position of Chief Financial Officer with pension fund TIAA-CREF.
www.nysscpa.org /home/2005/505/2week/article34.htm   (174 words)

  
 Warren Buffett's Problem Child
General Re is Berkshire's largest division, but Buffett is CEO of a corporation that comprises 65 operating companies ranging in scope from See's Candies and Fruit of the Loom to MidAmerican Energy Holdings.
General Re is still fighting lawsuits filed by insurance regulators from Virginia and Tennessee for contracts with the failed insurer.
General Re is also part of a probe in Australia over the failure of HIH Insurance, which became that nation's biggest corporate failure when it collapsed in 2001.
www.businessweek.com /bwdaily/dnflash/jun2005/nf20050614_1155_db016.htm   (1140 words)

  
 General Re gives back $27m - BusinessNews - www.theage.com.au
General Re, formerly General & Cologne Re Australia, repaid the money as part of an enforceable undertaking to the Australian Securities and Investments Commission that also imposes a strict code of ethical conduct on the company and its managers in Australia.
General Re Australia and its Swiss parent were the only corporate entities referred by HIH royal commissioner Neville Owen to ASIC after finding they might have knowingly assisted FAI's executives not to act in the company's best interests.
In the enforceable undertaking announced by ASIC yesterday, General Re has agreed to work with the St James Ethics Centre to develop a compliance program for its senior executives and departmental managers that will be monitored over the next three years.
www.theage.com.au /articles/2004/05/03/1083436539606.html?from=storyrhs   (555 words)

  
 General Reinsurance   (Site not responding. Last check: 2007-10-13)
General Reinsurance can be provided by GAT International's team of experienced financial consultants from a range of American and European Insurance Institutions.
At GAT International's General Re division we offer reinsurance products and expertise in all lines of business including manufacturers, construction companies, academic institutions, franchises, mining companies, hotels, luxury rentals, marketing/advertising agencies, private equity firms, private investors, tech companies, call centers, movie/television production companies, law firms, medical institutions and commercial financial institutions.
Our talented and experienced team of financial consultants are dedicated to providing clients with innovative solutions to their general reinsurance and global reinsurance needs by accessing traditional reinsurance markets as well as alternative risk transfer methods.
www.gatinternational.com /general_reinsurance.html   (157 words)

  
 Houston's Clear Thinkers: Former General Re CEO receives a Wells notice
Following on earlier plea bargains, former General Reinsurance Corp. CEO Ronald Ferguson received a Wells notice from the Securities and Exchange Commission late last week in regard to the SEC's investigation into various "finite risk" structured finance transactions between General Re -- a subsidiary of Warren Buffett's Berkshire Hathaway -- with American Insurance General.
Ferguson, who was CEO of General Re from 1987 to 2001, declined to testify in May when he was first interviewed by regulators about his alleged role in the transactions with AIG.
According to Justice Department allegations in the criminal cases against former General Re executives John Houldsworth and Rick Napier, Mr.
blog.kir.com /archives/002508.asp   (400 words)

  
 General Star Legal and Privacy Statement   (Site not responding. Last check: 2007-10-13)
General Star does not undertake to respond to any electronic mail, submissions or requests from visitors who are not clients of General Star.
General Star Indemnity Company is a non-admitted or surplus lines insurer in all states except Connecticut, where it operates as a licensed and admitted insurer.
General Star is providing these links to you only as a convenience, and inclusion of any link does not imply endorsement by us of a linked site.
www.usau.com /genstar.nsf/doc/legal   (2022 words)

  
 CBS News | 4 Indicted in Sham General Re-AIG Deal
General Re parent Berkshire Hathaway Inc., an investment company based in Omaha, is led by the influential billionaire Warren Buffett.
Prosecutors have said that AIG had been concerned about Wall Street analysts' suggestions that there were insufficient reserves to cover potential losses and approached Gen Re to facilitate a deal that would increase its loss reserves on paper.
Two former Gen Re executives _ John Houldsworth and Richard Napier _ pleaded guilty in June to roles in the sham transaction.
www.cbsnews.com /stories/2006/02/02/ap/business/mainD8FH67UO0.shtml   (663 words)

  
 Reports: Ex-General Re exec may face charges in AIG probe - May. 10, 2005
The New York Times and Wall Street Journal reported that Elizabeth A. Monrad, who is now the chief financial officer of the TIAA-CREF pension fund., received what is known as a "Wells notice" indicating she is now a subject of the probe into some of the reinsurer's transactions with embattled insurer American International Group (Research).
General Re is a unit of investment guru Warren Buffett's Berkshire Hathaway (Research).
Both papers also reported that the SEC had previously notified a current General Re executive, Richard Napier, that it planned to file civil fraud charges against him in connection with the AIG transaction.
money.cnn.com /2005/05/10/news/fortune500/general_re/index.htm   (656 words)

  
 GeneralCologne Re Press Releases   (Site not responding. Last check: 2007-10-13)
General Re Chairman and CEO Ron Ferguson to Retire in June 2002 After 33 Years of Service
The Cologne Re estimates insured losses of NLG 500 million as a result of the explosion in Enschede/Netherlands
The Cologne Re estimates insured losses of DM 50 million as a result of the train disaster in Brül/German
www.facworld.com /gcr.nsf/doc/pressreleases   (393 words)

  
 ABC News: 4 Indicted in Sham General Re-AIG Deal   (Site not responding. Last check: 2007-10-13)
WASHINGTON Feb 2, 2006 (AP)— Three former executives at Berkshire Hathaway's General Re insurance unit and a former American International Group executive have been indicted by a federal grand jury on charges of fraud and conspiracy, the Justice Department announced Thursday.
The former executives conspired to make AIG's finances appear better than they were, the government contended in the indictment returned Wednesday by a grand jury in Norfolk, Va.
At least two of the defendants are disputing the charges, their attorneys said.
abcnews.go.com /Business/wireStory?id=1572685   (338 words)

  
 Abortion clinics investigated by Attorney General re: child rape
Kansas Attorney General Phill Kline seeks evidence in medical records of abortion clinics to as part of his investigation of child rape and illegal late term abortions.
As attorney general, Steve Carter’s job is to investigate whether Indiana clinics have treated child sex-abuse victims at state expense but failed to report the crime - as the law also requires.
Kansas Attorney General's criminal investigation of abortion clinics, unreported child rape and the lawsuit by Planned Parenthood seeking to stop the Indiana Attorney General from searching the medical records of 12 and 13-yr.-old child abuse victims.
www.prolifeamerica.com /AG_investigation_of_abortion_clinics.cfm   (1983 words)

  
 General Re CEO May Face SEC Charges - Insurance - CFO.com
General Re CEO May Face SEC Charges - Insurance - CFO.com
Joseph Brandon gets notified that the commission's staff is considering recommending a lawsuit against him based on its current probe of non-traditional insurance products.
The Securities and Exchange Commission is mulling civil charges against Joseph Brandon, chief executive officer of General Reinsurance Corp., that could bar him from serving as an officer of a public company, according to Berkshire Hathaway Inc., General Re's parent company.
www.cfo.com /article.cfm/4391759?f=home_breakingnews   (275 words)

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