A Caribbean reinsurer was about 3 times bigger at the end of 2005 than it was a year earlier.

Scottish Re Group Ltd., Hamilton, Bermuda, is reporting $61 million in net income for the latest quarter on $675 million in revenue, up from $21 million in net income on $211 million in revenue for the fourth quarter of 2004.

Scottish Re acquired a large, North American individual life reinsurance business from ING Groep N.V., Amsterdam, at the end of 2004.

Although the company’s loss ratio, or ratio of claims to premiums, increased to 73%, from 69% a year earlier, the company’s larger size helped cut the ratio of operating expenses to operating revenues to 4.9%, from 8.1%, according to an analysis published by Fox-Pitt, Kelton, New York.