NU Online News Service, Nov. 4, 2004, 3:31 p.m. EST
A major acquisition is helping third-quarter results at Scottish Re Group Inc., Hamilton, Bermuda.[@@]
The life insurer is reporting $13 million in net income for the latest quarter on $198 million in revenue, up from $1.6 million in net income on $135 million in revenue for the third quarter of 2003.
Scottish Re paid $151 million in December 2003 to acquire 95% of the stock of ERC Life Reinsurance Corp. from an affiliate of General Electric Company, Fairfield, Conn.
“The ERC acquisition contributed net operating earnings in line with our expectations for that business,” Scottish Re Chairman Michael French says in a statement about the company’s results.
Scottish Re ended the third quarter reinsuring $307 billion in life insurance for 7.5 million insureds. The company protected an average of $41,000 in benefits per insured.