US regulators investigating AIG are now questioning Munich Re about deals involving Richmond Insurance, a Bermuda-based company in which Munich Re holds a 49% stake and AIG 20%.

The news comes just after Bermuda’s regulator announced it would investigate the dealings of AIG.

But Munich Re has brushed of the news, saying the situation is more about supplying the regulators with information about AIG rather than any wrongdoing by the company itself. “We are co-operating fully with the regulators,” it said.

“We have not been accused of any wrongdoing,” CEO Nikolaus von Bomhard told a press conference late last week. “Richmond is purely a financial investment. We are talking a low two-digit million sum.”

It is understood Munich Re is one of as many as 12 reinsurers that have been caught up in the investigation.