Axa SA of Paris, Massachusetts Mutual Life Insurance Co. of Springfield and Swiss Reinsurance Co., as well as other all-star companies, have also been exposed to Mr. Madoff’s alleged $50 billion Ponzi scheme.
A number of major insurance companies are among the entities that were exposed to the alleged fraud perpetrated by Bernard L. Madoff Investment Securities LLC, according to published reports.
Axa SA of Paris, Massachusetts Mutual Life Insurance Co. of Springfield and Swiss Reinsurance Co., as well as other all-star companies, have also been exposed to Mr. Madoff’s alleged $50 billion Ponzi scheme.
On Monday, Axa said it had less than 100 million euros ($143.5 million) of exposure, while MassMutual yesterday said it had less than $10 million of indirect exposure to funds managed by Mr. Madoff’s firm.
Zurich, Switzerland-based reinsurer Swiss Reinsurance Co. said that it had an “immaterial indirect exposure” adding up to less than $3 million through hedge fund investments, according to reports.
Meanwhile, Amsterdam-based ING Groep NV yesterday said that it has no direct exposure to Mr. Madoff’s fraud and has no significant indirect exposure to Mr. Madoff via clients.
Swiss Life Holding AG, also of Zurich, also yesterday, said that it has no direct investments in products managed by Mr. Madoff’s firm but it does have about $78.9 million in exposure through funds of funds.
A handful of large banks have also been affected by the fraud, including Royal Bank of Scotland Group PLC in Edinburgh.
Hedge fund Man Group PLC reportedly could lose 400 million pounds ($600 million).
Man Group of London has some $360 million in exposure, having invested in funds that are directly and indirectly subadvised by Madoff Securities and for which the firm acted as a broker-dealer, according to reports.
