Scottish Re Group Ltd. shares slumped by as much as 82 percent today on the New York Stock Exchange after the Bermuda-based reinsurer announced its CEO had resigned and that it would take a $130 million operating loss this quarter.

Scottish Re shares tumbled $11.64, or 73 percent, to $4.36 at 11.44 a.m. EST in New York Stock Exchange composite trading.

The stock plunged after Scottish Re said chief executive officer Scott Willkomm had resigned and Paul Goldean, the reinsurer's general counsel, was named interim CEO.

Goldman Sachs Group Inc. and Bear Stearns Cos. are advising the company on ?strategic alternatives and potential sources of capital,? the statement said.

Scottish Re, which has seen its share price drop from $24 in May to $16 by Friday, estimated the loss at $130 million and said it expected third- and fourth-quarter earnings to fall below its previous forecast.

Scottish Re also said its board had suspended its dividend.

The company cited a valuation allowance on deferred tax assets of about $112 million as the primary reason for the second-quarter loss.