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Probes trigger restatements; AIG, others reassessing finite deals.(News)
Business Insurance, May, 2005 by Greenwald, Judy
Byline: JUDY GREENWALD The financial restatements announced last week by American International Group Inc. and CNA Financial Corp., which stemmed at least in part from greater scrutiny of financial reinsurance transactions, will be far from the last such moves, observers predict. Indeed, more insurers are likely to put their books under scrutiny, observers note, and the result will be more restatements, some of them motivated by a desire to pre-empt regulatory action.
Because of this and other factors, Fitch Ratings' expectation was that 2005 "would be the year of restatements,'' said Julie Burke, Chicago-based managing director at the rating agency. Meanwhile, subpoenas continue to be issued as investigators widen their probe of nontraditional...
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