All three major ratings agencies have put Bermuda-based RenaissanceRe Holdings, Ltd. on a CreditWatch "negative" outlook after the Securities and Exchange Commission advised that the company's chief executive officer may face a civil complaint.
Analysts suggested that CEO James Stanard may not last in his post as a result.
RenaissanceRe, which has restated three years of earnings, disclosed Monday that Mr. Stanard had received an SEC "Wells notice" that commission staff had recommended filing a civil enforcement action against him for violating securities laws.
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