Fairfax Financial Holdings Ltd. said Thursday that the New York Regional Office of the Securities and Exchange Commission has completed its investigation of the company, and does not intend to recommend any enforcement action.

“We were gratified to learn that the SEC staff does not intend to recommend any enforcement action against Fairfax,” said Prem Watsa, Fairfax chairman and CEO.

“Throughout this investigation, we provided full cooperation to the SEC, and we are pleased that the investigation has been concluded in this manner,” Watsa added.

The investigation stemmed from Fairfax’s use of an insurance product known as finite reinsurance.

The U.S. regulators began investigating how a number of insurance companies used these products more than four years ago.

IE