Scottish Re Appoints Clifford R. Wagner as Chief Executive Officer - North America

"We are pleased to have an individual with Cliff's thoroughknowledge of the Company and broad experience in the life reinsuranceindustry assume leadership for our North American operation," saidPaul Goldean, President and Chief Executive Officer of Scottish ReGroup Limited.

Mr. Wagner has more than 20 years insurance experience and priorto Scottish Re, worked for TransAmerica Reinsurance Company, TimeInsurance and the Hartford Insurance Group. Mr. Wagner holds a B.S.degree in actuarial mathematics from the University of Wisconsin,Madison. He is a Fellow of the Society of Actuaries (FSA), a Member ofthe American Academy of Actuaries (MAAA) and also has earned CharteredLife Underwriter (CLU), Chartered Financial Consultant (ChFC) andFellow Life Management Institute (FLMI) designations.

Mr. Wagner succeeds Seth Vance who served as Chief ExecutiveOfficer - North America since his appointment in April, 2004. Mr.Vance recently resigned in lieu of reassignment within the Company.

Mr. Goldean remarked, "Together with other important achievements,Seth was instrumental in leading the ING integration and combining thebest of both organizations to set new standards of excellence in ourindustry. We wish him success in his future endeavors."

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist.Scottish Re has operating companies in Bermuda, Charlotte, NorthCarolina, Dublin, Ireland, Grand Cayman, and Windsor, England. Itsflagship operating subsidiaries include Scottish Annuity & LifeInsurance Company (Cayman) Ltd., Scottish Re (U.S.), Inc., Scottish ReLimited, and Scottish Re Life Corporation. Scottish Re CapitalMarkets, Inc., a member of Scottish Re Group Limited, is a registeredbroker dealer that specializes in securitization of life insuranceassets and liabilities. Additional information about Scottish Re GroupLimited can be obtained from its Web site, www.scottishre.com

Certain statements included herein are "forward-lookingstatements" within the meaning of the federal securities laws. Themanagement of Scottish Re Group Limited (the "Company") cautions thatforward-looking statements are not guarantees and actual results coulddiffer materially from those expressed or implied in theforward-looking statements. Important events that could cause theactual results of operations or financial condition of the Company todiffer include, but are not necessarily limited to, the Company'sability to attract clients and generate business; the competitiveenvironment; the Company's ability to underwrite business; performanceof outside service providers; mortality risk; surrender risk;investment risk (including asset value risk, reinvestment risk anddisintermediation risk); the impact of unforeseen economic changes(such as changes in interest rates, currency exchange rate, inflationrates, recession and other external economic factors); the impact ofterrorist activities on the economy, the insurance and relatedindustries in general and the Company in particular; regulatorychanges (such as changes in U.S. tax law and insurance regulationwhich directly affect the competitive environment for the Company'sproducts); rating agency policies and practices; and loss of keyexecutives. Investors are also directed to consider the risks anduncertainties discussed in documents filed by the Company with theSecurities and Exchange Commission.