WASHINGTON (Reuters) - The Securities and Exchange Commission said today it brought securities fraud charges against three former executives of reinsurer RenaissanceRe Holdings Ltd.

The SEC said it charged former chief executive James Stanard, former controller Martin Merritt and Michael Cash, a former senior executive in the Renaissance Reinsurance unit.

The commission accused the three of "structuring and executing "a sham transaction that had no economic substance and no purpose other than to smooth and defer over $26 million of RenRe's earnings from 2001 to 2002 and 2003."

RenaissanceRe shares were up 11 cents at $55.39 each in late morning New York Stock Exchange trading.

An attorney for Stanard could not immediately be reached for comment.

Robert Plotkin, an attorney for Merritt, said: "He's glad to have resolved this with the SEC and put it behind him and get on with his life."

The commission partially settled its charges against Merritt, who consented to an injunction and other relief without admitting or denying the charges.

Martin Pershetz, an attorney for Cash, said in a statement: "Michael Cash denies the allegations in the SEC's complaint. Indeed, Mr. Cash was never responsible for RenRe's publicly filed financial statements. He should not have been named as a defendant in this case."

RenaissanceRe, which is being investigated by the SEC over past earnings restatements, said in July it reached a tentative SEC settlement in which it would pay $15 million in fines.

"This is another case arising from our ongoing investigation of the misuse of finite reinsurance to commit securities fraud," said SEC Northeast Regional Office Director Mark Schonfeld on the charges against the former executives.

"The defendants enabled RenRe to take excess revenue from one good year and, in effect, 'park' it with a counterparty so it would be available to bring back in a future year when the company's financial picture was not as bright," he said.