Free

Bermuda pad: $25K a month!

Ever secretly wonder what a really nice apartment in Bermuda might cost you? We’re not talking about a run of the mill corporate crash-pad, but a really top-notch place. Well, in this 8-K filed late yesterday by RenaissanceRe (RNR), the company spells it out: they’re spending $25K a month on CEO Neill Currie’s housing. Of course, we’re assuming the apartment is in Bermuda — the filing never really says so definitively. But that is where RNR is based. The apartment is part of Currie’s newly inked employment contract, which also pays him $750K a year, provides for a bonus of up to 150% of his salary, and stock worth $2.25 million. And last, but not least, there’s a tax gross-up too.

Of course, Currie, 52, is no stranger to the company. Indeed, he helped start it back in 1993, and though he left in 1997, he came back last July, just a few months before RNR canned former Chairman and CEO James Stanard over some questionable accounting. Since then, the stock, which was battered last fall, has bounced back a bit. Perhaps the $25K apartment had something to do with that?