24 May 2017News

Scottish Re commences wind up in Bermuda and Cayman

Scottish Re Group, which  went into run-off in 2008 after suffering substantial losses in 2007, has 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.

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 to facilitate the restructuring process and to maximise value to its stakeholders.

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More on this story

Insurance
29 January 2018   Bermuda-based life reinsurance specialist Scottish Re Group has started the implementation of a sale and restructuring plan for its Cayman Islands subsidiary, Scottish Annuity & Life Insurance Company (SALIC), and its US subsidiary, Scottish Holdings (SHI).
Insurance
17 November 2016   Scottish Re Group, which placed its reinsurance business into run-off in 2008, reported a comprehensive loss in the third quarter of 2016, although a substantially smaller loss compared to the same period in 2015.