Scottish Re Group, which placed its reinsurance business into run-off in 2008, has turned its comprehensive income into positive figures in the second quarter of 2016, while growing rise net premiums earned.
Scottish Re reported net premiums earned of $81.7 million for the three-month period ending June 30, an increase of 17 percent from $69.8 million for the same period in 2015.
Scottish Re's comprehensive income for the second quarter of 2016 was $548,000, compared to 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, Insurance, Reinsurance, Results, UK