RenRe settles SEC lawsuit by agreeing to pay $15 m penalty

Property catastrophe reinsurer RenaissanceRe Holdings Ltd. has agreed to pay a $15 million civil penalty to settle a lawsuit filed against it in New York by the U. S. Securities and Exchange Commission.
RenRe has also agreed to an injunction prohibiting future violations of the Securities Act of 1933 and the Securities Exchange Act of 1934 and to retain an independent consultant to review internal controls, according to the SEC, which announced the settlement in a press release issued on February 6, 2007 – the same day that the complaint was filed at the U. S. District Court for the Southern District of New York.