Scottish Re, a Bermuda domiciled life reinsurer currently going through a run-off process, has announced their second quarter 2011 financial results and recorded a loss due to the unwinding of a life insurance securitization transaction. The Orkney 1 life insurance securitization transaction has been unwinding since Scottish Re were placed in run-off and ceased writing […]
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Scottish Re, the Bermuda based run-off life reinsurer, has announced the completion of the unwind of their 2005 Orkney I life insurance securitization transaction. The announcement also signifies the completion of the transfer of the block of business to Hannover Life Reassurance Company of America.
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Hannover Re has bought a portfolio of reinsurance from Scottish Re which was part of a life insurance securitization issued under SPV Orkney Re. Through the acquisition Hannover Re now assumes the mortality risk of term life and endowment policies which were reinsured by Scottish Re during the underwriting years of 2000 to 2003.
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