Following the Securities and Exchange Commission's securities fraud charges against three former executive officers of RenaissanceRe (RenRe), the company has released the following comment: “These individuals left the company in 2005 and accordingly it is not appropriate for the company to comment on these charges. The company believes these developments will have no impact on the company's business going forward.”
As previously disclosed, RenRe has submitted an offer of settlement to the SEC in connection with the SEC's investigation relating to the company's restatement of its financial statements for the fiscal years ended 31 December 2003, 2002 and 2001. The SEC staff today confirmed that it has recommended the proposed settlement to the SEC Commissioners, and accordingly the company believes that today's announcement of charges against the former executives will have no adverse impact on the its proposed settlement.
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