The Securities and Exchange Commission charged three former
RenaissanceRe executives with securities fraud charges for their alleged
involvement in a finite reinsurance scam that the SEC claims the
executives concocted to smooth RenRe's earnings.
James N. Stanard and Martin J. Merritt, the former CEO and former
controller, respectively, of RenaissanceRe Holdings Ltd. (RenRe) and
Michael W. Cash, a former senior executive of RenRe's wholly-owned
subsidiary, Renaissance Reinsurance Ltd., were charged in the complaint
filed Wednesday in a federal court in Manhattan.
Stanard, 57, served as Ren Re's chairman and chief executive officer
from 1993 until he resigned in November 2005. Merritt, 43, held various
positions, including that of controller, at both the holding company and
the subsidiary. And Cash, 38, was a senior vice president of the
subsidiary until he resigned in July 2005.
