RenaissanceRe Holdings Ltd. said today that the Securities and Exchange Commission has accepted the company's previously announced offer to pay more than $15 million in penalties to settle a probe of accounting irregularities.
The SEC's investigation related to the company's restatement of its financial statements for the years ended Dec. 31, 2001, 2002 and 2003.
Terms of the settlement are unchanged from the settlement-in-principle originally announced July 31, 2006, the Pembroke, Bermuda-based company said.
Under the agreement the company has consented–without admitting or denying any wrongdoing–to entry of a final judgment enjoining future securities law violations.
The settlement calls for RenaissanceRe to pay disgorgement of $1 and civil penalty of $15 million.
In addition, the company agreed to hire an independent consultant to review certain internal controls, policies and procedures as well as the design and nonexecutive members of its board of directors.
The consultant will also review the actions of the company's auditors in connection with their audit of the company's financial statements for the fiscal year ended Dec. 31, 2004.
RenaissanceRe said it previously reserved for the monetary penalty.
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