James Stanard, ousted as chief executive of RenaissanceRe amid a regulatory probe last year, continues to be the largest individual owner of the company, according to a filing made in recent days.

Mr. Stanard is the beneficial owner of nearly 5.5 million shares, or 7.6 percent of the Bermuda reinsurer he formed almost 13 years ago. Mr. Stanard is the only individual shareholder to own in excess of two percent of RenaissanceRe?s shares. Institutional investors own up to ten percent. Details of Mr. Stanard?s ownership stake were filed on March 9 with the US Securities and Exchange Commission, in accordance with regulatory rules binding on those that own more than five percent of a company.

Mr. Stanard left RenaissanceRe last November, after receiving a so-called Wells Notice from the SEC last July, indicating authorities are considering taking legal actions. Another Wells Notices was issued to RenaissanceRe and a third to a former executive who left the company about eight months ago. All relate to RenaissanceRe?s earlier restatement to correct the accounting of a 2001 finite risk contract. An industry-wide investigation has probed how insurers account for the controversial finite policies, with some having used the policies to mask losses.

As part of his agreement when leaving RenaissanceRe, Mr. Stanard?s outstanding options were allowed to vest early. The company recorded a $13.3 million expense because of the accelerated vesting, it said in its annual regulatory filing earlier this month. No other severance payments were made to Mr. Stanard in connection with his departure, the company said.

RenaissanceRe said it continues to cooperate with the regulatory probe, which is ongoing.

A year ago, Mr. Stanard owned 3.7 million shares, or nearly double the combined ownership held by all other directors and senior management, according to the company?s 2005 proxy statement.

His increased stake, which includes some options not yet exercised, is likely the result of the accelerated vesting when he left RenaissanceRe.

Mr. Stanard?s current beneficial ownership of 5.5 million shares is divided between direct ownership and shares held by Ardshield Associates LP, a family limited partnership, and the Stanard Family Foundation.