Embattled Renaissance Re Holdings Ltd. chief James Stanard has resigned, but proclaimed his innocence in any wrongdoing surrounding a federal accounting investigation.
The Bermuda-based company's board of directors yesterday said Mr. Stanard resigned his position as chairman and chief executive officer in light of the ongoing probe into the restatement of the company's financial results earlier this year.
In a statement issued by his attorney, James Mathias of the Baltimore-based DLA Piper Rudnick Gray Cary U.S. LLP, Mr. Stanard said he has cooperated fully with the Securities and Exchange Commission investigation and regrets the embarrassment caused by the restatement.
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