Munich Re and Converium Holdings today became the latest insurance companies to receive subpoenas from Elliot Spitzer and the US Securities and Exchange Commission (SEC).
Both reinsurers have been subpoenaed in relation to contested reinsurance contracts with insurer MBIA, according to reports.
Neither Munich Re nor Converium gave any further detail of the requests for information, but both said they would fully cooperate in the investigation.
The widening probe into MBIA is part of US regulators' clampdown on so-called non-traditional reinsurance products that critics say can be used to sex-up corporate balance sheets, without transferring much risk.
MBIA provides financial guarantee insurance for utilities around the world. It also has a long history of providing credit enhancement to highly regulated utilities in the UK and other countries.
Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
