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.

The company said SEC notice also was given to a former senior vice president in the specialty reinsurance unit, Michael W. Cash, a Bermuda citizen. Mr. Cash's resignation from RenaissanceRe was announced after he refused to accept an SEC subpoena from U.S. authorities.

The rating agency action from Standard & Poor's and Fitch took place this week, while Moody's had already put a negative outlook on the primary and secondary insurer.

A Wells notice provides potential targets of a civil action with the opportunity to provide arguments and evidence against any SEC charges.

The RenaissanceRe action would stem from the recent restatement of the company's 2004 financial results related largely to an aggregate excess-of-loss reinsurance transaction with Inter-Ocean Insurance Company.

S&P analyst Thomas Upton noted Mr. Cash's resignation and said, "The CreditWatch placement reflects the uncertainty regarding any potential changes at the senior management level, coupled with the possibility of these investigations expanding into other senior management positions."

Mr. Upton said the possibility of senior management instability, along with the firm's combined ratio rising about 90 percent or the return on equity not meeting the firm's 15 percent target, could lead to a negative ratings action.

Fitch Ratings analyst James Auden said the negative outlook represents the "material possibility that Mr. Stanard may not be able to remain in his position for the long term."

He also raised the possibility of more subpoenas issued against other members of senior management and the company itself.