General Re will pay $US92.2 million ($103 million) in settlements for its part in transactions with AIG and Prudential Financial, some dating back to 1997, that allegedly defrauded investors in those companies.

“Gen Re arranged to sell financial products to AIG and Prudential for the sole purpose of enabling those companies to manipulate their accounting results and mislead investors,” the US Securities and Exchange Commission said.

The Berkshire Hathaway subsidiary has already paid the US Government about $US5 million ($5.6 million) in fees it earned for its role in a 2000 transaction with AIG.

Associated cases have led to four former Gen Re executives being convicted, including former CEO Ronald Ferguson who was sentenced to two years’ jail and fined $US20,000 ($22,300). All have appealed and remain free on bail.