RenRe settles class action litigation for $13.5 m

Bermuda-based property catastrophe reinsurer RenaissanceRe Holdings Ltd. has agreed to settle a consolidated shareholder class action lawsuit at the U. S. District Court for the Southern District of New York by paying $13.5 million.
RenRe announced the settlement on February 14, 2007 – five days after the firm disclosed that it had agreed to pay $15 million to settle a securities fraud lawsuit regarding the same conduct that was brought at the same court by the SEC. Neither settlement required the reinsurer to admit liability.