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Reinsurer Scottish Re reported investments with subprime exposure of about $2.1 billion, and of Alt-A about $1B, vs. shareholders' equity of about $1.1 billion. Oppenheimer called the exposure "significant," and noted that subprime, Alt-A portfolios have seen unrealized losses of about 6.6% of book value. Firm maintains neutral rating, forward estimates. Posted at 10:45 a.m.
Published on August 16, 2007
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