Violation Tracker Individual Record

Company: 
RenaissanceRe Holdings Ltd.
Current Parent Company: 
RenaissanceRe Holdings
Penalty: 
$15,000,000
Year: 
2007
Date: 
February 6, 2007
Primary Offense: 
accounting fraud or deficiencies
Violation Description: 

RenaissanceRe Holdings Ltd. agreed to pay $15 million to settle allegations that it created a sham reinsurance transaction that had no economic substance and no purpose other than to smooth and defer over $26 million of earnings from 2001 to 2002 and 2003.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Securities and Exchange Commission
Civil or Criminal Case: 
civil
HQ Country of Parent: 
Bermuda
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
insurance
Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.