RenaissanceRe Holdings Ltd. shares slid more than three percent yesterday after the Bermuda-based property-casualty reinsurer said the US Securities and Exchange Commissions had issued a third ?Wells Notice? in connection with an ongoing investigation into the company?s restatement of its financial results.

A Wells Notice indicates the SEC may recommend civil enforcement action alleging violations of federal securities laws. Recipients have the opportunity to respond before any formal recommendation is made.

RenaissanceRe slipped 3.69 percent in trading on the New York Stock Exchange to close the day at $44.88.

Stock market reaction was not nearly as severe as July 25 when the stock slid nine percent following news that the SEC issued a Wells Notice to chairman and chief executive of RenaissanceRe James Stanard.

The SEC also issued a Wells Notice to Michael Cash, a senior vice president in the company?s specialty reinsurance division who resigned in July after refusing to testify to the SEC.

The ongoing SEC investigation stems from the company?s announcement in February that it planned to restate financial results for 2001-2003 to correct how it accounted for reinsurance it had purchased from companies including Inter-Ocean Holdings Ltd., a finite reinsurer which it partly owned. Inter-Ocean stopped underwriting new business in April.

The corrections increased RenaissanceRe?s net income by $20.6 million in 2001, $1.3 million in 2003, and $12.5 million in 2004. They lowered net income by $21.9 million in 2002.

Renaissance Re said in a statement yesterday that it continues to cooperate with the SEC and other governmental agencies in their ongoing investigations and it is now holding discussions with the SEC concerning the possible resolution of these matters.