Losses shrink in Scottish Re’s closed book of business

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.

It continued to grow its net premiums earned.

Scottish Re's total comprehensive loss was $10.5 million in the third quarter, an improvement on a net loss of $33.5 million year on year.

Scottish Re's net premiums earned in the three-month period ending September 30 were $74.5 million, up from $68.7 million year-on-year.

Since putting its reinsurance business in run off, it continues to manage this as a closed book of business performing key activities under the related reinsurance treaties, including the receipt of premiums and the payment of claims.