Scottish re posts second-quarter loss, seeks options.Hit by big tax expenses and adjustments to reserves and acquisition costs, Scottish Re Group Ltd. posted a second-quarter loss following the abrupt resignations of three key executives. The results were a "sharp departure" from the life reinsurer's original projections for the quarter, Paul Paul, 1901–64, king of the Hellenes (1947–64), brother and successor of George II. He married (1938) Princess Frederika of Brunswick. During Paul's reign Greece followed a pro-Western policy, and the Cyprus question was temporarily resolved. Goldean, the company's interim chief executive officer, said in a conference call. Scottish Re's second-quarter net loss was $123.9 million, or $2.31 a share, compared with net income of $1.6 million, or 4 cents a share, a year earlier. Release of the second-quarter results came just days after Scottish Re announced the resignations of several top executives. Scott E. Willkomm, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , resigned July July: see month. 31, the same day the company warned it expected a significant second-quarter loss. He was succeeded by Goldean, who had been the company's general counsel. Following Willkomm's resignation, Seth Vance Vance is the name of several places in the United States of America:
named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. segment, also resigned. Other resignations included that of David Huntley, CEO of the international segment. Chairman Glenn Schafer said Scottish Re's difficulties wouldn't involve financial restatements or "material weaknesses from a Sarbanes-Oxley perspective." At least four separate lawsuits seeking class-action status on behalf of investors were filed against Scottish Re in U.S. District Court for the Southern District of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of since Aug. 3. The lawsuits claim to represent investors who bought shares in Scottish Re between Dec. 16, 2005, and July 28, 2006. After Scottish Re's announcement that it expected to post a second-quarter loss and Willkomm's resignation, A.M. Best Co. downgraded the financial strength rating to B++ (Very Good) from A- (Excellent) and the issuer credit ratings to "bbb+" from "a-" of the group's primary operating insurance subsidiaries. A.M. Best also downgraded the ICR (Intelligent Character Recognition or Image Character Recognition) The machine recognition of hand-printed characters as well as machine printing that is difficult to recognize. of Scottish Re to "bb+" from "bbb-"All ratings, which are as of Aug. 17, were placed under review with negative implications. |
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