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Three former RenaissanceRe Holdings Ltd. executives face civil fraud charges levied last week by the Securities and Exchange Commission. They are:
James N. Stanard
Mr. Stanard, age 57 and a resident of Maryland and Bermuda, served as RenaissanceRe's chairman and chief executive officer from June 1993--when the company was founded to provide catastrophe reinsurance--until November 2005, when the company announced Mr. Stanard was resigning as a result of probes into the reinsurer's restatement of earnings. Mr. Stanard received a so-called "Wells notice" from the SEC in July 2005, indicating that SEC officials planned to recommend the agency bring civil fraud charges.
Martin J. Merritt
Mr. Merritt, age 43 and a resident of Bermuda, held various positions at RenaissanceRe's holding company and its Renaissance Reinsurance Ltd. subsidiary. In November 2005, the company announced that Mr. Merritt had left his post as controller, a position he had held from at least 2000 through March 2005. Mr. Merritt did not receive a Wells notice prior to the charges brought last week in the complaint, according to his attorney.
Michael W. Cash
Mr. Cash, age 38 and a resident of Bermuda, formerly was senior vp-specialty reinsurance at the Renaissance Reinsurance unit from 2002 until July 2005. Mr. Cash resigned in July 2005 after refusing to comply with an SEC subpoena requesting his testimony in an investigation into the three-year restatement of earnings announced by RenaissanceRe in February 2005. A Wells notice was issued to Mr. Cash in July 2005.