NEW YORK (Dow Jones/AP) — Scottish Re Group Ltd. shares tumbled on Friday, after the reinsurer late on Thursday posted a third-quarter loss.The Bermuda-based company also said it may sell itself but said there was no assurance of any deal and that any offer may be below its closing price on Thursday of $8.02.

Scottish Re’s stock fell $1.62, or 20.2 percent, to close at $6.40 on the New York Stock Exchange. Friday’s weakest level, on heavy volume, was $6. On a 52-week basis, there was a low of $2.95 on July 31 and a high of $25.99 on December 5.

Scottish Re 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.

On a per-share basis, the company moved to a loss of 54 cents from earnings of 66 cents.

Net premiums earned for the quarter fell to $31.8 million from $42.9 million in the prior year.

In September, Scottish Re said it received a number of potential bids, and would review the proposals and invite selected parties to a second round, after saying in July it would consider a possible sale of the company.

On Wednesday, the company’s shares slumped 15 percent after French reinsurer Scor SA — which was considered a likely acquirer — said it wouldn’t make a bid. But late on Thursday Scottish Re said that while it is continuing considering strategic alternatives, including a possible sale of the company or a “significant” equity infusion by new investors, it “cannot give assurances that an agreement with any party will be reached” and the price may be below its close of $8.02 on Thursday.

Paul Goldean, chief executive, added that the company expects the process to conclude “within the next several weeks.”

Bear Stearns analyst Saul Martinez said that while interest undoubtedly exists in the company, the commentary raises doubts that the auction process is going according to plan.

Bear Stearns is acting as strategic adviser to Scottish Re in connection with the evaluation of strategic alternatives.