GE Capital's reinsurance arm Ireco is under scrutiny for its role in providing reinsurance cover to Independent Insurance shortly before its collapse into voluntary liquidation.
Forensic accountants are reported to be examining the complex details of the reinsurance contracts which provided Independent with £278m of cover for a premium of £110m.
The investigators are understood to be probing why Ireco, which has declined to comment on the issue, agreed to the deal.
