RenaissanceRe CEO may face SEC civil action

Reuters
Mon Jul 25, 2005

NEW YORK - RenaissanceRe Holdings Ltd. (RNR.N: Quote, Profile, Research) said on Monday U.S. securities regulators notified its chief executive that they intend to recommend a civil enforcement action against him, sending the company's shares down 5 percent.

Chairman and CEO James Stanard received the U.S. Securities and Exchange Commission's "Wells Notice" for allegedly violating federal securities laws, the Bermuda-based reinsurer said. The notice was issued in connection with the SEC's investigation into the company's restatement of financial statements.

The SEC notice was also sent to Michael Cash, a former executive in RenaissanceRe's specialty reinsurance unit who resigned following his refusal to accept a subpoena from the agency, the company said.

RenaissanceRe said it is cooperating with the SEC and other government agencies investigating the firm. A company spokesman said Stanard was not available for comment...