Executive in Insurance Probe Named
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The Securities and Exchange Commission is considering civil penalties against Rick Napier, an executive at one of Berkshire Hathaway Inc.’s insurance companies, according to a published report Sunday.
Investor Warren E. Buffett’s Berkshire Hathaway announced Friday that penalties were being considered by the SEC against a senior vice president at General Reinsurance Corp. over alleged violations of securities laws but did not name the executive who had received the so-called Wells notice May 2.
General Re has been under a federal probe over some reinsurance transactions with Virginia-based Reciprocal of America, a former liability insurer of doctors, hospitals and lawyers, and New York-based American International Group.
According to an article posted Sunday on the Wall Street Journal’s website, Napier, who is based in the company’s Stamford, Conn., office, was one of several General Re executives who were aware that the reinsurance transaction with AIG didn’t qualify for favorable accounting status.
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