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ARTICLE · 21 DECEMBER 2007

Finite Reinsurance Under A Microscope: United States v. Ferguson

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Finite reinsurance will be a hot topic over the next few months as the criminal trial of former General Reinsurance Co. (Gen Re) CEO Ronald Ferguson and his four co-defendants commences in January in federal court in Hartford, Connecticut. Mr. Ferguson stands accused with Christopher Garand, a former vice president of Gen Re's finite reinsurance operation, Robert Graham, Gen Re's former assistant general counsel, Christopher Milton, a former vice president of Reinsurance for American In

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Finite reinsurance will be a hot topic over the next few months as the criminal trial of former General Reinsurance Co. (Gen Re) CEO Ronald Ferguson and his four co-defendants commences in January in federal court in Hartford, Connecticut. Mr. Ferguson stands accused with Christopher Garand, a former vice president of Gen Re's finite reinsurance operation, Robert Graham, Gen Re's former assistant general counsel, Christopher Milton, a former vice president of Reinsurance for American International Group (AIG), and Elizabeth Monrad, former chief financial officer of Gen Re, as a result of a finite reinsurance transaction that the United States alleges was fraudulent.

Finite reinsurance is a type of reinsurance that transfers only a finite amount of risk, limited through accounting or financial methods. This type of reinsurance appeared in the 1990s as a way for buyers of reinsurance to acquire some risk protection in times of limited capacity in the reinsurance market. By

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