Scottish Re, a Bermuda-based reinsurer that placed its reinsurance business into run-off in 2008, has reported a comprehensive loss in the third quarter of 2016, however, the loss was considerably smaller than in the same period of last year.
The reinsurer’s total comprehensive loss was $10.5 million in the third quarter, an improvement on a net loss of $33.5 million year-on-year (YOY).
Scottish Re’s net premiums earned in the three-month period ending September 30 were $74.5 million, an increase from $68.7 million YOY.
Since putting its reinsurance business into run-off, it continues to manage this as a closed book of business performing key activities under the related reinsurance treaties, including the receipt of premiums and the payment of claims.
Scottish Re, Bermuda, Insurance, Reinsurance, Results, Third quarter, Run-off