The U.S. Securities and Exchange Commission last week brought civil securities fraud charges against three former top executives with Bermuda-based RenaissanceRe Holdings Ltd.
The three are: James N. Stanard, former RenRe chief executive officer; Martin J. Merritt, the former controller; and Michael W. Cash, a former senior executive of RenRe subsidiary, Renaissance Reinsurance Ltd.
In a complaint filed last week in Manhattan federal court, the SEC charged that Mr. Stanard, Mr. Merritt and Mr. Cash structured and executed a sham transaction that had no economic substance, and no purpose other than to smooth over and defer more than $26 million of RenRe's earnings from 2001 to 2002 and 2003.
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