Financial Services Industry
Industry: Email Alert RSS FeedGen Re exec pleads in AIG reserve case.(EVIDENCE MOUNTING)(General Re Corp.)(American International Group Inc.)
National Underwriter Property & Casualty-Risk & Benefits Management, June, 2005 by Hays, Daniel
A GENERAL REINSURANCE executive became the second top player to confess in federal court this month to a role in a $500 million sham reserving scheme with American International Group. The admission in U.S. District Court in Alexandria, Va., by Richard Napier--a former senior vice president for Stamford, Conn.-based Gen Re--came as part of a plea agreement with the Eastern District of Virginia U.S.
Attorney's Office and U.S. Justice Department's criminal division. Mr. Napier's confession follows an earlier plea by John Houldsworth, the former chief executive of Gen Re subsidiary Cologne Re Dublin. Gen Re is a unit of Omaha, Neb.-based Berkshire Hathaway. Both pleaded guilty to one count of conspiring to falsify SEC filings, and both as a consequence face...
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