German reinsurer Hannover Re has become the latest in a growing list of leading European insurance companies to be issued with a subpoena by US authorities investigating the health of the US insurance industry.
Hannover, the fourth largest reinsurer in the world, has been issued with the information request just days after rivals Munich Re and Converium confirmed receiving subpoenas and only a few weeks after French insurance company Axa was contacted.
The North European insurer said that no allegation of wrongdoing had been made against it and that it was cooperating fully with the US authorities who include the Securities and Exchange Commission (SEC) and New York Attorney General Eliot Spitzer.
The investigators want Hannover to answer questions about its US unit’s nontraditional products from its reinsurance portfolio, according to a spokesperson for the German insurer.
Munich Re, the largest reinsurer in the world, Converium and Axa were issued with their respective subpoenas as part of an investigation into accounting issues at US bond issuer MBIA, which they provided reinsurance protection to.