GenRe fined £1.225 million by Financial Services Authority


The first transaction, signed in 1999 and renewed three times, allowed a German insurer to gain tax benefits after transferring money between Ireland and Germany. A second transaction, signed in 2004, was used to compensate for a premium reduction on a reinsurance programme agreed with a client insurer.

The FSA ruled that in both cases, GenRe did not have controls in place to stop the deals.

Commenting on the case, FSA director of enforcement Margaret Cole said: "Both conventional and finite reinsurance transactions should only be used where there is a legitimate commercial purpose and sufficient risk transfer. The FSA will take robust action against reinsurance firms and their staff who act in contravention of these basic principles."

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here