RenaissanceRe Holdings Ltd.

RenaissanceRe Holdings Ltd. (RenRe) was being investigated by the U.S. Attorney for the Southern District of New York for restating three years of earnings from 2001 to 2003, particularly transactions with reinsurer Inter-Ocean Holdings Inc., which failed to meet accounting standards. RenRe is still under investigation, initiated by its shareholders. The Pembroke, Bermuda, reinsurer has offered to settle with the Securities and Exchange Commission (SEC) for $16 million. Terms of the settlement would include RenRe admitting to no wrongdoing and the company would hire a consultant to review internal controls. (Aug-01-06) [BANK NET 360]

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