Berkshire Unit Gets Subpoena From N.Y.
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Billionaire investor Warren E. Buffett’s Berkshire Hathaway Inc. said it received a subpoena from the New York state attorney general’s office demanding information about its reinsurance subsidiary General Re Corp.
The subpoena was delivered Thursday, eight days after the Securities and Exchange Commission asked for identical information about the reinsurance business, Berkshire Hathaway said.
Federal and state regulators have been examining loss mitigation products to see whether insurance companies sold products that may not really be insurance but instead may be aimed at helping companies smooth out earnings.
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