RenRe makes $15 m settlement offer to SEC

RenaissanceRe has offered to pay $15 million to settle an investigation by the United States Securities and Exchange Commission into the firm’s restatement of its financial results for 2001, 2002 and 2003.“Pursuant to the offer of settlement, which the SEC staff has indicated that it will recommend to the SEC Commissioners, the Company will consent, without admitting or denying any wrongdoing, to entry of a final judgment enjoining future violations of certain provisions of the federal securities laws and ordering the Company to pay disgorgement of $1 and a civil penalty of $15 million,” RenRe announced in a news release on July 31, 2006.