Munich Re AG Reps Meet With Spitzer

April 6, 2005 (PLANSPONSOR.com) - People from Germany's Munich Re AG met with New York Attorney General Eliot Spitzer on Wednesday in connection with an ongoing American International Group (AIG) investigation.

Munich Re representatives declined to comment on the result of the meeting, but would confirm it occurred. They have been asked to provide information about deals involving Richmond Insurance, a Bermuda-based company in which Munich Re holds a 49% stake and AIG has a 20% share, according to Reuters sources.

Another source told the news agency that Munich Re is one of about a dozen reinsurers that have caught the attention of authorities during their probe of AIG, which is under investigation in the United States and Europe for accounting improprieties that could stretch back years.

Company representatives said that the company is in no way suspected of wrongdoing and that the meeting was simply about information exchange.

AIG has recently been involved in multiple investigations by Spitzer, one for bid-rigging (See Spitzer Insurance Bid-Rigging Probe Prompts Three More Guilty Pleas ) and another – the one in question on the Munich Re issue – over accounting improprieties (See AIG Executives Canned For Failing to Cooperate With Investigators ). Multiple executives at the company have been fired or have resigned due to the scandals.

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