financial services founded 1846 headquarters 120 long ridge rd stamford connecticut united states area served worldwide key people kara raiguel president and ceo 1 products reinsurance parent berkshire hathaway inc. website www.genre.com general reinsurance corporation is a global property casualty and life health reinsurance company offering a range of reinsurance products and services . the company is a direct reinsurer and is represented in all major reinsurance markets worldwide through a network of more than 40 offices . gen re is a member of the berkshire hathaway inc group of companies . financial strength ratings of gen re s reinsurance operations a.m. best a superior 2 standard & poor s claims paying ability rating aa 3 general re corporation is the holding company for gen re s global reinsurance and related operations . it owns general reinsurance corporation general re life corporation and general reinsurance ag the direct reinsurers which conduct business as gen re . in addition the insurance reinsurance and investment management companies in the general re group include gen re intermediaries gr neam general star genesis usau and faraday . 4 contents 1 history 1.1 aig securities fraud 1.2 resolution 2 business 3 office locations 4 references 5 external links history edit general reinsurance corporation s history began in 1921 as the general casualty and surety reinsurance corporation before it took over the u.s. business of the norwegian globe insurance company of christiania norway . 5 in 1923 american investors acquired the company and changed the name to general reinsurance corporation . in 1928 the general alliance corporation was organized to acquire and hold the shares of general reinsurance corporation as well as a half interest in the holdings of the royal exchange assurance group london in the united british insurance co. ltd. in 1929 the general alliance corporation owned all the stock of general reinsurance corporation and jointly with the royal exchange group a controlling interest in the united british . the united british insurance co. ltd. established a u.s. branch that transacted casualty reinsurance as a running mate for the general and has the same management as the general . the two companies transact practically all forms of casualty and surety reinsurance and constitute the first example of a group in the history of american casualty reinsurance . 5 also in 1929 general reinsurance affirmed that it would be only a direct reinsurer . in 1945 general reinsurance merged with mellon indemnity corporation . in 1954 the company created the first professional casualty facultative reinsurance department . property facultative followed beginning in 1956 . north america branch offices were opened during this time . in the 1950s general reinsurance began writing reinsurance internationally expanding in this area during the 1960s and 1970s . the company continued to grow through the next two decades opening more u.s. and canada branch offices and making various acquisitions . the company moved its headquarters from new york city to greenwich connecticut in 1974 and then to stamford connecticut in 1984 . in 1980 general re corporation the parent holding company was listed on the new york stock exchange . in 1994 general reinsurance corporation formed an alliance with what was then cologne re k lnische r ckversicherungs gesellschaft which was founded in 1846 now general reinsurance ag . in 1998 general re corporation was acquired by berkshire hathaway inc. and in 2003 general reinsurance corporation and cologne re began marketing under the brand name of gen re . 6 in 2009 general reinsurance corporation completed its purchase of cologne re 7 whose name was changed to general reinsurance ag in 2010 . 8 the company continues to market globally as gen re . aig securities fraud edit main article american international group in october 2000 some wall street analysts questioned the decline in american international group aig loss reserves . 9 in an effort to quell these concerns aig entered into two sham reinsurance transactions with cologne re dublin a subsidiary of general reinsurance that had no economic substance but were designed to add 500 million in phony loss reserves to aig s balance sheet in the fourth quarter of 2000 and first quarter of 2001 . 9 10 in 2005 new york attorney general eliot spitzer began an investigation into the two reinsurance transactions . soon afterwards aig came under market pressure and admitted it had undertaken what could be construed as securities fraud . the staff admitted that the two reinsurance transactions had inflated aig s balance sheet and propped up aig s stock price . in the resultant stock crash investors lost 500 million in investments . 10 cologne re dublin s ceo john houldsworth agreed to turn state s witness for the department of justice doj and securities and exchange commission in agreement for a plea bargain . houldsworth then pleaded guilty to conspiring to commit securities fraud resultantly facing a sentence of up to five years in prison and 250 000 in fines . the final sentencing was placed on hold subject to consequential sec prosecutions . 10 the doj subsequently undertook successful prosecutions against four former gen re executives and one former aig executive ceo ronald ferguson was sentenced to two years in prison and fined 200 000 ; cfo elizabeth monrad was sentenced to 18 months in prison and fined 250 000 ; senior vice president christopher garand was sentenced to a year and a day in prison and fined 150 000 ; senior vice president and assistant general counsel robert graham was sentenced to a year and a day in prison and fined 100 000 ; aig s vice president christian milton was sentenced to four years in prison and fined 200 000 . 10 in 2009 in front of u.s. district judge christopher droney in hartford houldsworth apologized . he was resultantly fined 5 000 and ordered to perform 400 hours of community service during a two year probation period . on august 1 2011 the united states court of appeals for the second circuit vacated the five gen re and aig defendants convictions and remanded the defendants for a new trial holding that the reported drop in share prices could not be attributed to the two reinsurance deals . 11 12 resolution edit in june 2012 the u.s. government agreed to not pursue any further legal action against the former gen re executives pursuant to deferred prosecution agreements that have since expired and are no longer in effect . as a result the government matter is fully and finally resolved . civil litigation related to the aig matter has also been fully and finally resolved . the lead plaintiffs and gen re reached a settlement agreement which the court approved pursuant to a final order entered on september 11 2013 . 13 business edit reinsurers insure insurance companies i.e. they will pay a portion of an insurance company s claims in exchange for a portion of the premium received by the insurance company for policies that cover those claims . as a direct reinsurer gen re delivers reinsurance solutions to companies in all segments of the insurance industry on both a treaty and facultative basis . gen re s property and casualty reinsurance in north america is written through general reinsurance corporation and internationally through germany based general reinsurance ag and other wholly owned affiliates . gen re s life and health reinsurance is written in north america through general re life corporation and internationally through general reinsurance ag . office locations edit gen re s headquarters are in stamford connecticut . branch and subsidiary offices are located all over the world 14 in north america gen re also operates in atlanta boston charlotte chicago columbus dallas hartford kansas city los angeles montreal new york philadelphia san francisco seattle south portland st. paul and toronto . gen re further operates in latin america mexico city s o paulo europe middle east beirut cologne copenhagen london madrid milan moscow paris riga vienna warsaw africa cape town johannesburg asia beijing hong kong mumbai seoul shanghai singapore taipei tokyo and australasia auckland melbourne sydney . references edit senior management team . gen re . retrieved 5 september 2014 . a.m. best affirms ratings of general reinsurance corporation and its subsidiaries press release . a.m. best . 17 june 2014 . retrieved 10 january 2015 . meet gen re . gen re . retrieved 10 january 2015 . about us . gen re . retrieved 10 january 2015 . a b proceedings of the casualty actuarial society pdf . casualty actuarial society . p. 71 . retrieved 10 january 2015 . history of gen re . gen re . retrieved 10 january 2015 . corporate announcement entry of the transfer resolution pursuant to 327a ff . german stock corporation act . gen re . 12 february 2009 . press release . gen re . retrieved 10 january 2015 . a b sec charges aig with securities fraud . sec press release . 9 february 2006 . retrieved 4 april 2012 . a b c d dave collins 18 june 2009 . former general re executive given probation . insurance journal . retrieved 14 march 2012 . peter lattman 1 august 2011 . court overturns 5 gen re and a.i.g. fraud convictions . new york times deal book . retrieved 4 april 2012 . court quashes gen re aig convictions . reactions . 1 august 2011 . retrieved 4 april 2012 . bob van voris 11 september 2013 . gen re 72 million settlement wins final approval . bloomberg . retrieved 5 september 2014 . office directory . retrieved 5 september 2014 . external links edit welcome to gen re gen re 2014 annual review articles tad montross exploding soft market myths reactions 24 october 2010 gen re s tad montross on model dependency reactions 3 may 2010 gen re s tad montross the quiet american reactions 3 november 2008 data yahoo general re corporation company profile companies portal v t e berkshire hathaway board of directors warren buffett chairman and ceo charlie munger howard graham buffett susan decker bill gates david gottesman charlotte guyman donald keough thomas murphy ronald olson walter scott jr. insurance applied underwriters berkshire hathaway assurance berkshire hathaway homestate companies kansas bankers surety company berkshire hathaway specialty insurance boatus central states indemnity gateway underwriters agency geico gen re medical protective national indemnity company guard insurance seaworthy insurance company united states liability insurance group materials and construction acme brick benjamin moore & co. charter brokerage clayton homes international metalworking companies johns manville lubrizol marmon marmon herrington procor union tank car company mitek mouser electronics precision castparts corp. shaw industries tti furniture cort business services jordan s furniture larson juhl nebraska furniture mart rc willey home furnishings star furniture apparel brooks sports fruit of the 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