The world's largest reinsurer, Munich Re, has been subpoenaed by the New York attorney general in relation to his investigations into the world's largest insurer, Marsh & McLennan Companies (MMC).
Munich Re spokeswoman Regine Kaiser today confirmed that Munich America Risk Partners, a unit of American Re that is owned by the reinsurer, received the two subpoenas for information at the beginning of November.
Insurance regulators in North Carolina and Texas had sent the subpoenas in connection with the bid-rigging probe into MMC.
Munich Re stock fell 2.2% to €80.61 and traded at €81.96 in Frankfurt this afternoon.
Kaiser said internal practices had been placed under review, but the company had no reason to believe “irregular activities” such as bid-rigging had been active.
