Business Services Industry
Ferguson served with 'Wells' notice; Former General Re CEO investigated in finite insurance probe.(Ronald E. Ferguson)(General Re Corp.)(Brief Article)
Business Insurance, October, 2005 by McLeod, Douglas
Byline: Douglas McLeod STAMFORD, Conn.-Securities regulators have notified Ronald E. Ferguson, former chief executive officer of General Re Corp., that he may face civil charges arising from an ongoing investigation of nontraditional insurance products. Gen Re parent Berkshire Hathaway Inc.
disclosed last week that Mr. Ferguson has been served with a `Wells' notice by the Securities and Exchange Commission, making him the latest of several current or former Gen Re officials to receive such notices. The notices warn of possible civil charges and give recipients an opportunity to respond. The SEC is investigating finite insurance products generally and has focused in particular on a $500 million retrocessional loss portfolio deal between Gen Re and American...
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