Scottish Re Group, which has its principal executive office in Bermuda, has reported an increase in its comprehensive income in the second quarter of 2016, while its net premiums earned continues to grow.
The reinsurer placed its business into run-off in 2008 and reported net premiums earned of $81.7 million for the second quarter of this year ending June 30, compared with $69.8 million for the same period in 2015, an increase of 17 percent.
Scottish Re’s comprehensive income for the second quarter of 2016 was $548,000, compared with a loss of $43.4 million for the same period in 2015.
Scottish Re said: "In 2008, our insurance operating companies ceased writing new business and notified existing clients that new reinsurance risks no longer would be accepted under existing reinsurance treaties, thereby placing the reinsurance business into run-off (the 'closed block'). We continue to manage the closed block, whereby we perform key activities under the related reinsurance treaties, including the receipt of premiums and the payment of claims.
“The company has purchased from time-to-time and, if opportunities arise, may in the future continue to purchase, in privately-negotiated transactions, open market purchases, or by means of general solicitations, tender offers, or otherwise, our outstanding securities and other liabilities. Any such purchases will depend on a variety of factors including, but not limited to, available corporate liquidity, capital requirements, and indicative pricing levels. The amounts involved in any such transactions, individually or in the aggregate, may be material.”
Scottish Re Group, Bermuda, North America, Insurance, Reinsurance, Run-off, Results