General Electric (GE) and CNA Financial have received subpoenas from the New York attorney's office over their use of finite risk products.
GE Insurance Solutions said it had “made limited use of reinsurance with finite characteristics to manage the risks of catastrophic events and to protect itself and GE shareowners from the volatility that is inherent in its business."
CNA announced its subpoena in an 8-K filing with the US Securities and Exchange Commission.
The company said that the SEC is seeking other documents related to its recent earnings restatement and its accounting for reinsurance contracts with Accord Re.
Both GE Insurance Solutions and CNA were previously served similar subpoenas by the SEC and both plan to cooperate with the requests.
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