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.”