RenaissanceRe Holdings Ltd has offered the US Securities and Exchange Commission a $15 million settlement to end probes regarding the company's finite risk-related restatement of earnings.

Under the proposed settlement – under which RenaissanceRe would not admit or deny any wrong doing – the reinsurer would pay the SEC $15 million in civil penalties and would disgorge $1, the Pembroke, Bermuda-based company said in a statement.