RenaissanceRe Holdings Ltd. Receives Wells Notice from SEC Regarding Restatement of Financial Statements

Strategic Insights -

RenaissanceRe Holdings Ltd., a global provider of reinsurance and insurance, has received a Wells Notice from the staff of the U.S. Securities and Exchange Commission (SEC) in connection with an ongoing investigation into the restatement of the company's financial statements. This news release, issued on September 27, 2005, highlights the company's cooperation with the SEC and its uncertainty about the outcome of the investigation.

Key Takeaways:

  • RenaissanceRe Holdings Ltd. received a Wells Notice from the SEC staff regarding an ongoing investigation into the restatement of the company's financial statements.
  • The company has been engaged in discussions with the SEC staff concerning the possible resolution of these matters.
  • Recipients of Wells Notices have the opportunity to respond to the SEC staff before any formal recommendation is made.
  • The company is unable to predict the outcome of the investigations or whether its current efforts to resolve them will be successful.
  • RenaissanceRe Holdings Ltd. has two segments: Reinsurance and Individual Risk business, with the Reinsurance segment including catastrophe reinsurance, specialty reinsurance, and certain joint ventures.
  • The company continues to cooperate with the SEC and other governmental agencies in their ongoing investigations.
  • As previously announced, the company continues to cooperate with the SEC and other governmental agencies in their ongoing investigations.

Statistics:

  • The latest Comtex SmarTrend(SM) Alert indicated an uptrend on September 20, 2005, for RNR at $45.61.
  • RenaissanceRe Holdings Ltd.'s business consists of two segments: Reinsurance and Individual Risk business.
  • The Reinsurance segment includes catastrophe reinsurance, specialty reinsurance, and certain joint ventures.
  • The company has been cooperating with the SEC and other governmental agencies since the ongoing investigations began.
  • The SEC's Wells Notice procedure indicates that the staff intends to recommend a civil enforcement action against the company.

Sources:

  • "Pembroke, Bermuda, September 27, 2005 RenaissanceRe Holdings Ltd. (NYSE: RNR) announced today..." - RenaissanceRe Holdings Ltd. News Release.
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