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Terry Eleftheriou resigned from his position as executive vice president and CFO effective Feb. 9 "to pursue other interests," the company said in a statement. Eleftheriou had served as the company's CFO since September 2007. Scottish Re (Other OTC: SKRRF.PK) "continues to work diligently" on completing its financial statements for the third and fourth quarter of 2008, but "is unable to specify when it will be in a position to release such financial statements," it said in a statement. In March, Scottish Re announced it was lengthening to March 31, 2010 Eleftheriou's term of employment (BestWire, March 5, 2008). A regulatory order of supervision was issued earlier this month by the Delaware insurance commissioner on Scottish Re (U.S.) Inc. (BestWire Feb. 5, 2009). At the end of third quarter 2008, absent a statutory accounting permitted practice, Scottish Re (U.S.) estimated a roughly $132 million shortfall in reserve credit. In approving the permitted practice, the company and the Delaware insurance department agreed to the formal supervision of Scottish Re (U.S.) likely to remain in place as long as the permitted practice remained in place. A.M. Best Co. downgraded the financial strength rating to D (Poor) from C- (Weak) and issuer credit ratings to c from cc of the primary operating insurance subsidiaries of Scottish Re Group Ltd. Concurrently, A.M. Best has downgraded the FSR to E (Under Regulatory Supervision) from C- (Weak) and ICR to rs from cc of Scottish Re (U.S.) (BestWire, Feb. 5, 2009). Scottish Re's stock was trading at 4 cents a share midday Feb. 11, up 14% from the previous close. (By Meg Green, senior associate editor, BestWeek: Meg.Green@ambest.com) For full details for SKRRF click here.
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