US officials Wednesday announced a 92 million dollar settlement with insurance firm General Re, controlled by investor Warren Buffett, for its role in fraudulent accounting practices, including a scheme to help AIG. The Securities and Exchange Commission said it sued General Re for accounting schemes involving AIG and another insurance company, Prudential Financial, "to manipulate and falsify their reported financial results."

Gen Re, one of the largest reinsurance firms, agreed to pay 12.2 million dollars to settle the SEC's charges. In addition, in a non-prosecution agreement announced today by the Department of Justice in connection with a related criminal investigation of Gen Re's transactions with AIG, Gen Re agreed to pay 19.5 million dollars to a US Postal Inspection Service Consumer Fraud Fund.

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