Reinsurance Scandal Leads To CEO Resignation

Law360, New York (November 3, 2005, 12:00 AM EST) -- In another reinsurance scandal exposed after the initiation of an industry wide probe, RenaissanceRe Holdings CEO James Stanard resigned after the Securities and Exchange Commission began an investigation of his company’s finances.

According to a RenaissanceRe press release, Chief Financial Officer John Lummis will leave the company at the end of June, and controller Marty Merritt has also left.

The SEC, along with the U.S. Department of Justice and New York Attorney General Elliott Spitzer, has been investigating RenaissanceRe’s use of finite-risk insurance and reinsurance....
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