Scottish Re comes to the end of the road
Scottish Re Group has announced that it started voluntary provisional winding up proceedings in Bermuda, where it is headquartered, and filed for parallel winding up proceedings in the Cayman Islands, where it is incorporated.
The company is a global life reinsurance specialist engaged in the reinsurance of life insurance, annuities, and annuity-type products, with operating businesses in the USA, Ireland, the Cayman Islands and Bermuda. It went into run-off in 2008 after suffering substantial losses in 2007.
Scottish Re announced that on May 18, 2017, the Supreme Court of Bermuda granted an order appointing John McKenna of Finance & Risk Services, Bermuda and Eleanor Fisher of Kalo (Cayman) of the Cayman Islands as joint provisional liquidators of SRGL.
McKenna and Fisher will work with Scottish Re’s current board and management to put in place a restructuring plan for the company, which may involve the sale of its immediate subsidiary, Scottish Annuity & Life Insurance Company (Cayman).
According to Scottish Re, it pro-actively filed these winding up petitions in an effort to facilitate the restructuring process and to maximise value to its stakeholders.