RenaissanceRe Holdings Ltd. Chief Executive Officer James Stanard has become the latest top industry executive to become ensnarled in the ever-widening probe into possible finite reinsurance abuses.
However, as the CEO and company face potential legal challenges, the 30 percent increase in net income it reported last week for the second quarter compared to the same period last year was some positive news for shareholders.
RenaissanceRe reported net income of $172 million in the second quarter compared to $121 million in 2004. A catastrophe reserve review produced an increase in net income of $108 million, but that was somewhat offset by a negative hit of $29 million from Florida hurricane losses.
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