It emerged this week that head of General Re's Dublin-based Cologne Re unit, John Houldsworth has agreed to cooperate with the US authorities in a probe into a controversial transaction undertaken by American International Group (AIG) and General Re.
General Re's involvement in the matter was revealed as part of an investigation launched by New York Attorney General, Eliot Spitzer following allegations that AIG engaged in sham transactions, hid losses and created false income.
Spitzer, the New York Insurance Department and the Department of Justice have joined forces to examine a scheme allegedly cooked up between the two companies which allowed AIG to bolster reserves artificially against future claims.
According to reports in the US media, Mr Houldsworth intends on Thursday to plead guilty to criminal conspiracy, and will furnish investigators with detail on the roles played by other General Re executives in creating and undertaking the transaction in question.
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