Scottish Re posts dramatic Q3 loss

Scottish Re Group has posted a dramatic loss for the third quarter of 2015.

The Bermuda-based holding company recorded a loss of $33.35 million, compared with a loss of $209,000 in the same time period last year.

Scottish Re also reported a loss in the first nine months of the year of $94.28 million, compared with a profit of $31.14 million for the first nine months of 2014.

The firm’s insurance operating companies ceased writing new business in 2008 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.

Scottish Re has purchased from time-to-time however 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,” said the firm.

“The amounts involved in any such transactions, individually or in the aggregate, may be material.”