A life reinsurer has put its operation in the Middle East in new hands.
Scottish Re Group Ltd., Hamilton, Bermuda, says it has sold its Middle East life portfolio, which generates about $22 million in annual premium revenue, to Arab Insurance Group, Bahrain.
Scottish Re, which ran into management and financial challenges and has been working to revamp its operation, now will focus international efforts on the United Kingdom, Ireland and Asia, according to Dave Howell, head of the company’s international business.