Clifford Wagner will step down from the post of chief executive of the North American unit of Scottish Re Group Ltd. later this year, and Dean Miller will step down from his post as chief financial officer of the parent company today.
Scottish Re, Hamilton, Bermuda, a struggling life reinsurer, recently completed the process of obtaining a $600 million investment from a team made up of a unit of Massachusetts Mutual Life Insurance Company, Springfield, Mass., and affiliates of Cerberus Capital Management L.P., New York, a private equity firm that recently announced plans to acquire control over Chrysler.
Paul Goldean, Scottish Re chief executive, put out statements thanking the executives for their contributions.
Goldean praised Wagner for his “unquestioned professionalism.”
Analysts at Standard & Poor’s Ratings Services, New York, said in a comment issued after Miller announced his departure but before Wagner announced his that they expected to hear of executive changes following completion of the investment deal.
Miller’s departure will not affect S&P ratings on Scottish Re or Scottish Re subsidiaries, according to the S&P analysts.