Zurich Financial To Pay $25M Over Reinsurance Deals

Law360, New York (December 11, 2008, 12:00 AM EST) -- Swiss insurer Zurich Financial Services Group AG is set to fork over $25 million to settle civil securities fraud charges by U.S. federal regulators relating to finite reinsurance transactions.

The U.S. Securities and Exchange Commission announced the deal Thursday with Zurich Financial Services and Converium Holding AG, now known as SCOR Holding (Switzerland) AG.

Zurich and Converium agreed to settle the SEC's charges without admitting or denying the agency's findings, and Zurich will shell out the $25 million penalty, the SEC said.

The SEC said that...
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