Scottish Re Q1 income falls
SCOTTISH Re Group the Bermudian life reassurer in run-off, saw Q1 2010 net income fall 94% to $99.5m, largely reflecting a year-earlier gain of $1.15bn on the de-consolidation of Ballantyne Re from the company’s financial statements and a $642m gain from the sale of a block of life reassurance business to Hannover Re.