How do the news affect investors?.....Scottish Re Group Limited Finalizes Unwind of its 2005 Orkney I Securitization Transaction and Completes Cession of the Orkney I Block of Business
Company Release - 05/31/2011 01:00
HAMILTON, Bermuda--(BUSINESS WIRE)-- Scottish Re Group Limited ("Scottish Re" or the "Company") (Pink Sheets:SKRRF) announced today that it had finalized the unwind of its 2005 Orkney I securitization transaction and completed the cession to Hannover Life Reassurance Company of America (“Hannover Life Re”) of the Orkney I block of business. These transactions are described in Note 14 of the Company’s consolidated financial statements for the three month period ended March 31, 2011 (which financial statements are available on the Company’s web site at www.scottishre.com).
“The unwind of the Orkney I securitization transaction is consistent with our runoff strategy of reducing our reinsurance obligations and simplifying the operations of the Company. The transaction also strengthens the capital and surplus position of our primary U.S. operating subsidiary, Scottish Re (U.S.), Inc., and further positions it for removal of the Order of Supervision issued by the Delaware Department of Insurance in 2009,” stated Meredith Ratajczak, Chief Executive Officer of Scottish Re (U.S.), Inc.
Bank of America Merrill Lynch acted as exclusive financial advisor to the Company in connection with the reinsurance of the Orkney I block of business to Hannover Life Re.
About Scottish Re
Scottish Re is a global life reinsurance specialist, with operating businesses in Bermuda, Ireland and the United States. Its operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re can be obtained from its web site, www.scottishre.com.
Source: Scottish Re Group Limited
