Max Re Capital

Of the 14 publicly-listed, Bermuda-based insurers and reinsurers who recently filed their second quarter earnings with the SEC, only Scottish Re reported a loss.Commenting on a loss of $2.43 per share, or $121 million, Scottish Re's Interim CEO, Paul Goldean, said: “The results for the quarter are a sharp departure from our original projections and estimates provided to our stakeholders”.

NASDAQ's listings officers either do not read their own memos about defaulting issuers or they suffer from short-term memory loss, if a June 27th announcement regarding Bermuda-based Max Re Capital Ltd. is anything to go by.In a press release, Max Re disclosed that it had been included “in the new NASDAQ Global Select Market”, which it claimed “has the highest initial listing standards of any exchange in the word based on financial and liquidity requirements”.

Only one of the six Bermuda based, publicly listed insurers which reported quarterly results in November made a profit. The fact that it was its arch rival, Scottish Annuity & Life Holdings, was salt in the massive wounds currently being