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Violation Tracker Individual Record

Company: Zurich Financial Services
Current Parent CompanyZurich Insurance
Parent at the Time of the Penalty Announcement subscribe to see this data field
Penalty: $25,000,000
Year: 2008
Date: December 11, 2008
Offense Group: financial offenses
Primary Offense: accounting fraud or deficiencies
Violation Description: Zurich agreed to pay $25 million to resolve allegations that its former reinsurance group, which operated under the name Zurich Re and was later spun off in 2001 as Converium, designed three reinsurance transactions to make it appear that risk had been transferred to third-party entities when, in fact, the risk remained with Zurich-controlled entities.
Level of Government: federal
Action Type: agency action
Agency: Securities and Exchange Commission
Civil or Criminal Case: civil
HQ Country of Current Parent: Switzerland
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: insurance
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Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.