General Re responds to probe

GENERAL Re, the reinsurance company whose Dublin branch is at the centre of an international investigation, yesterday agreed to respond to a regulatory probe in Australia.

General Re, owned by the world’s second-richest man Warren Buffett, responded to inquiries by the Australian Prudential Regulation Authority (APRA).

Products sold by General Re’s alternative solutions group, based in Dublin’s International Financial Services Centre, are at the centre of the probe into the collapse of the Australian financial services firm HIH four years ago.