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.
Today’s stories
AIG capitalization and Duperreault reassure AM Best
Swiss Re reveals head of new P&C underwriting hub in Asia
New Lloyd’s syndicate Blend launches in Australia following Beazley deal
Swiss Re Corporate Solutions replaces EMEA CEO following resignation
Ironshore poaches Hiscox exec to lead political risk/trade credit
Swiss Re Corporate Solutions appoints new CEO of Asia Pacific
1347 Property Insurance hires former BMS Re exec as COO
Eurobase International appoints insurance director
Did you enjoy reading this story? Sign up to our free daily newsletters and get stories like this sent straight to your inbox.
