RenRe Finalizes Settlement with SEC

Bermuda’s RenaissanceRe Holdings Ltd. announced that the “Securities and Exchange Commission had accepted the company’s previously announced offer of settlement in connection with the its investigation relating to the company’s restatement of its financial statements for the years ended December 31, 2001, 2002 and 2003. The terms of the settlement are unchanged from the settlement-in-principle originally announced on July 31, 2006.”

“We are pleased to have put this difficult chapter in our company’s history behind us,” stated CEO Neill A. Currie. “Throughout the settlement process, a transition of leadership at the company and a volatile market environment, our company continued to serve its clients and deliver value to shareholders on an uninterrupted basis. We also cooperated fully with all authorities in their investigations. We want to express our gratitude for the support provided to us during this period. RenRe will continue to demonstrate leadership in the months and years ahead as a company that strives to operate with the highest level of integrity at every level.”

RenRe explained that under the terms of the settlement, as previously disclosed, it has consented, “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.”

The bulletin added that RenRe will “retain an independent consultant to review certain of the company’s internal controls, policies and procedures as well as the design and implementation of the prior review conducted by the independent counsel who reported to the non-executive members of the company’s Board of Directors, and the procedures performed by the company’s auditors in connection with their audit of the company’s financial statements for the fiscal year ended December 31, 2004. The amount of the monetary penalty has been previously provided for.”