Hannover Re is not bidding for troubled Bermuda reinsurer Scottish Re “for the time being”, Germany’s third largest reinsurer said yesterday.

During a conference call with analysts after releasing its results, Hannover Re chief financial officer Elke Koenig said: “We still are on the lookout for acquisitions in the life reinsurance sector.”

But Koenig added that Hannover Re is “not pursuing Scottish Re for the time being”.

Scottish Re Group Ltd. put itself up for sale after a surprise second-quarter loss and the resignation of its chief executive officer.

The company said in September that it had received a number of proposals from potential buyers and predicted a deal could be announced in October or early November.

Earlier this month, French reinsurer Scor took itself out of the running.

Hannover Re’s life-reinsurance unit posted net premium income of 574.8 million euros, a decline of 4.5 percent, while the division’s net income advanced 13 percent to 19.6 million euros, Hannover Re said.

Scottish Re last week reported a third-quarter net loss of $27.4 million, as the company recorded one-time charges and unusually high tax expenses.

During the same period in the prior year, the company reported net income of $34.4 million.