A top executive of RenaissanceRe Holdings Ltd. has resigned after he refused to cooperate with U.S. officials investigating the reinsurer's plan to restate three years of earnings.
RenaissanceRe said on Monday, that Michael W. Cash, senior vp-specialty reinsurance, had refused to comply with a U.S. Securities and Exchange Commission subpoena asking for his testimony. The company, which had already agreed to cooperate with government requests, said in a statement: "Mr. Cash's action was inconsistent with that policy of cooperation."
RenaissanceRe is restating its earnings for 2001 through 2003 in order to correct business it improperly accounted for with Inter-Ocean Holdings Ltd., a finite risk reinsurer that is in runoff.
Mr. Cash will be replaced by Neill A. Currie, a co-founder of RenaissanceRe who recently rejoined the company as executive vp in charge of marketing and client relations. Mr. Currie will assume responsibility for managing the company's specialty reinsurance business in addition to his existing duties.
