RenaissanceRe announced the replacement today of a senior executive with Bermuda citizenship who refused to accept a Securities and Exchange Commission subpoena in a probe of the company's financial statements.

The Pembroke, Bermuda,-based reinsurer said it had accepted the resignation of Michael W. Cash, an actuary and senior vice president-specialty reinsurance, after he refused an SEC demand for his testimony in its investigation into the restatement of the company's financial statements.

RenaissanceRe, which said its previously announced company policy is to cooperate with the SEC inquiry, said it has named Neill A. Currie to fill Mr. Cash's post. Mr. Currie, a cofounder of the reinsurer in 1993, rejoined the firm recently as an executive vice president.

Mr. Currie's 25 years with the insurance industry includes a stint as chief executive officer of G.J. Sullivan Co.-Atlanta.

In April, RenaissanceRe Holdings and PartnerRe said they had been subpoenaed by regulators regarding Channel Re, a Bermuda company part-owned by the two reinsurers which also did business with bond insurer MBIA.

The companies in separate statements said that they received subpoenas from the SEC and the New York attorney general's office regarding Channel Re.

PartnerRe said it holds a 20 percent equity shareholding in Channel Re, while RenaissanceRe said it is an investor in the company.

In March, the Armonk, N.Y.-based MBIA restated its earnings going back to 1998 because of its finite reinsurance agreements with Converium Re. The seven-year financial restatement cut MBIA's stated income by $54 million overall. MBIA's accounting has also been scrutinized by various regulators.

Renaissance Re said in February it was restating financial results from the 2001-to-2004 periods because of newly discovered accounting errors from ceded reinsurance, "resulting in minor changes to net income from those periods."

The net impact of these corrections, the company said, was to raise 2001 income by $20.6 million, lower 2002 income by $21.9 million, and increase 2003 income by $1.3 million. The newly adjusted income figures for those periods it said are: $606.3 million for 2003, $342.9 million for 2002, and $184.6 million for 2001.

RenaissanceRe explained that these adjusted amounts reflect the timing of the recognition of reinsurance recoverables as well as the timing of premium ceded on multi-year contracts.

The company also said it has found an error in the timing of the recognition of premium on multi-year ceded reinsurance contracts for the first three quarters of last year.

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