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NYSE Warns Reinsurer About Stock Price

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The managers of the New York Stock Exchange have notified Scottish Re Group Ltd. that it needs to increase the price of its stock to keep the stock on the exchange.

The price of the stock of Scottish Re, Hamilton, Bermuda, has fallen below $1, and one requirement for NYSE stocks is that they maintain a consecutive 30 trading-day average closing stock price of $1 per share, Scottish Re says.

In December, the 30-day average was 95 cents per share, and the closing price was 73 cents, Scottish Re says.

Scottish Re “has notified the NYSE that it intends to submit plans to address the price deficiency within the required 10 business day period following the receipt of the notification,” the company says.