A Caribbean reinsurer says it needs more time to complete its Form 10-Q.
Scottish Re Group Ltd., Hamilton, Bermuda, says its quarterly earnings statement, due today, is not yet ready.
Scottish Re, which recently obtained $600 million in new financing, expects to complete the form on or before Aug. 14, the company says.
“During the second quarter close process we conducted a comprehensive analysis of our 2006 U.S. statutory filings and analyzed the tax effects of our change-in-control and redomestication of the Orkney I securitization,” Scottish Re Chief Executive Paul Goldean says in a statement. “We have not yet completed these projects, and therefore, believe it prudent to delay, for no more than 5 days, the filing of the second quarter Form 10-Q.”
The redomestication analysis should help Scottish Re, and pre-tax operating results should be about what the company predicted during a conference call held earlier this year, Goldean says.
Standard & Poor’s Ratings Services, New York, says the filing delay should not affect the B minus rating it has assigned to Scottish Re.
“We expect that the issues underlying the delay will not adversely affect results,” S&P says in a comment on the delay. “Should the filing delay continue over a protracted time frame, or if the issues leading to the delay result in an adverse effect to reported results than we currently expect, we will review the situation further.”