The settlement does not involve an admission of liability by the company, according to a filing with the Securities and Exchange Commission on Tuesday.

Part of the settlement is expected to be offset by insurance recoveries.

The settlement is subject to court review and approval and other customary conditions.

Earlier this month RenaissanceRe agreed to pay a $15 million fine to settle civil securities-fraud charges by federal regulators over what they said was a sham transaction designed to burnish its earnings by smoothing their volatility.

Shares of RenaissanceRe lost 4 cents to close at $52.52 by the close of trading on the New York Stock Exchange.