NEW YORK (Bloomberg) ? Max Re Capital Ltd., a Bermuda-based reinsurer, said yesterday that the US Securities and Exchange Commission requested information on the company?s recent decision to restate five years of earnings.

?We received a request to voluntarily provide certain information relating to our business practice review and our determination to restate our financial statements,? the company said today in an SEC filing. The request is part of ?the SEC?s industrywide investigation into non-traditional, or loss mitigation? insurance products, Max Re said in its filing.

More than a dozen insurers and reinsurers have received subpoenas amid probes of non-traditional, or finite insurance, which regulators say can be used to smooth earnings. American International Group Inc., the world?s largest insurer, agreed in February to pay $1.64 billion to settle state and federal probes into its use of the contracts, as well as alleged bid-rigging and other business practices.

Max Re announced May 31 that it was restating its financial reports for the years 2001 through 2005 in order to correct its accounting for finite-risk contracts.

The restatements increased 2004 net income by $1.6 million, left 2002 net income unchanged, and reduced 2005, 2003 and 2001 net income by $0.4 million, $2 million, and $14 million, respectively.

Max Re shares fell 80 cents, or 3.5 percent, to $22.28 in Nasdaq trading yesterday. They have fallen 14 percent this year compared with a five percent decline in the Nasdaq Composite Index.