Annuity and Life Re (Holdings) Ltd. and Scottish Re Group Ltd. continued to try to regroup during the third quarter.
Annuity and Life Re, Hamilton, Bermuda, began running into accounting problems and reporting losses a few years back, and now it has transferred most of its reinsurance business to other companies.
That company is reporting a $205,690 net loss for the latest quarter, compared with a net loss of $2.6 million for the third quarter of 2005.
Scottish Re, Hamilton, the second largest U.S. life reinsurer, is still in operation, but it also has run into turbulence and is soliciting bids from prospective acquirers.
Scottish Re is reporting a $30 million net loss on $611 million in revenue, compared with $32 million in net income on $564 million in revenue for the third quarter of 2005.
“Excluding the expected one-off expenses related to our current situation and the unusually high tax expense for the quarter, the third quarter results reflect an underlying core profitability that is within our expectations,” Scottish Re Chief Executive Paul Goldean says.
Goldean says Scottish Re cannot promise the company will clinch a deal with an acquirer or investor, or that any deal price will be higher than the company’s Nov. 9 share price.