BOSTON (Thomson Financial) - Scottish Re Group Ltd. Friday said its board
plans to change the company's strategic focus because of prevailing market
conditions and other business challenges, including the continuing deterioration
in the market for subprime and Alt-A residential mortgage-backed securities.
Scottish Re Group said it plans to pursue dispositions of non-core assets or
lines of business, develop alliances to "maximize the value of the company's
core competitive capabilities within the North American Life Reinsurance
segment," and rationalize its cost structure to preserve capital and liquidity.
In addition, Scottish Re Group established a retention program for "certain
essential employees" that provides financial incentives to remain with the
company.
Shares of the Bermuda-based life reinsurance company closed Thursday at 63
cents.
Casey Logan
cl/jw
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