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Cypress suffers as Scottish Re stock plummets

Cypress Group, a US private equity firm, has seen the value of its stake in Scottish Re Group plummet more than 82% after the reinsurer warned of large second-quarter losses and said its chief executive had resigned.

Cypress bought a 17.4% stake in Scottish Re for $180m (€141m) in December 2004. The value of its investment had dropped to just $32m this morning.

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