Rating agency Standard & Poor's Corp. has identified four insurers that it believes distorted their financial statements by using "financial risk reinsurance." In a report released Nov. 16, S&P claims that the financial results of Atlantic Mutual Insurance Co., Argonaut Group Inc., CNA Financial Corp. and Liberty Mutual Insurance Co. were "materially distorted in an accounting context that contrasts with Standard & Poor's perception of the true economics of the transactions."

ACE Limited disclosed on Monday it had received subpoenas from the U.S. Securities and Exchange Commission and the New York Attorney General requesting documents in connection with an investigation into what the company calls nontraditional, or loss mitigation, insurance products.

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