The US Justice Department is investigating Dublin-based Cologne Re executive John Houldsworth over his involvement in finite reinsurance deals with AIG, reports said.
According to reports, Houldsworth is the target of a criminal fraud investigation.
The executive once ran the Berkshire Hathaway subsidiary General Re's Dublin office. He is now an executive with Cologne Re, a General Re subsidiary based in Dublin.
It is alleged that Houldsworth oversaw the doctoring of records pertaining to a questionable insurance transaction between General Re and AIG in 2000.
The deal reportedly led to a $500m boost to AIG's reserves.
