Scottish Re losses drop in closed book of business

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.