Max Re Capital Announces Reopening of Audit and Risk Management Investigation and Restatement.
PR Newswire Europe, October, 2006
HAMILTON, Bermuda, October 30 /PRNewswire/ --
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Max Re Capital Ltd. (Nasdaq: MXRE; BSX: MXRE BH) announced today that the Audit and Risk Management Committee reopened its previously announced internal investigation with respect to two of the three contracts originally in question and has contacted the Securities and Exchange Commission. The internal investigation, which had concluded in May 2006, was initiated to consider whether three finite risk retrocessional contracts were properly accounted for by the Company, principally with respect to whether they contain sufficient risk transfer to meet the requirements of Financial Accounting...
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