WASHINGTON (Dow Jones) ? RenaissanceRe Holdings Ltd. chairman and chief executive James N. Stanard's 2003 pay, less stock options, was $5.6 million compared with $4.6 million for 2002, according to a definitive proxy filed this week with the Securities and Exchange Commission.

Stanard's pay consisted of a base salary of $484,380, the same as in the previous year; a bonus of $3.6 million compared with $2 million in 2002; "other annual compensation" of $727,358 compared with $552,462 for 2002; restricted stock awards of $740,009 compared with $917,923 for 2002; and "all other compensation" of $24,000 compared with $40,000 in the previous year, the filing said.

Stanard was granted stock options of 54,296 for 2003 compared with 695,163 options for 2002. The options for 2003 are exercisable at a price of $45.43 a share, the proxy said.

Other annual compensation consists of housing expense reimbursements and reimbursement of travel expenses, while all other compensation consists of amounts contributed under the company's retirement plan, the filing said.

Stanard has been the company's chairman and chief executive officer since its formation in June 1993.

Also in the filing, RenaissanceRe Holdings said president and director William I. Riker received a bonus for 2003 of $2.5 million compared with $589,636 for 2002.

Riker received a base salary of $335,264 for 2003 compared with $316,785 for 2002, the filing said.

Riker also received a restricted stock award of $6.4 million for 2003 compared with $686,438 for 2002. In addition, Riker received a long-term incentive plan payment of $187,305 compared with $129,664 for 2002.

Riker was granted stock options of 33,752 for 2003 compared with 262,601 options for 2002. The options for 2003 are exercisable at a price of $45.43 a share, the proxy said.

In addition, Riker received other annual compensation of $232,058 for 2003 compared with $309,935 for 2002. Riker's all other compensation was $24,000 for 2003 compared with $40,000 for 2002.