SEC Probe Disclosed by Allmerica Financial

Allmerica Financial Corp., an insurer whose chief executive resigned after the company’s credit ratings were cut last month, said it is being investigated by the Securities and Exchange Commission.

The inquiry involves accounting related to the insurer’s decision to stop underwriting variable life and annuity policies whose value is tied to the performance of equity markets. The Worcester, Mass.-based insurer said it had significant third-quarter losses related to the discontinued policies.