German Regulators Investigating General Re Subsidiary

Law360, New York (November 6, 2006, 12:00 AM EST) -- Berkshire Hathaway Inc. revealed Friday that German regulators have begun investigating a General Re subsidiary and one or more of its senior executives who may have violated laws governing nontraditional insurance products.

In its quarterly report, Warren Buffett’s Berkshire said Cologne Re, a subsidiary of its embattled General Reinsurance Corp. reinsurance unit, is cooperating with an order from the German Federal Financial Supervisory Authority, known as BaFin, to produce documents regarding finite reinsurance and transactions with other subsidiaries.

The order, issued October 24, is part of...
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