Scottish Re Appoints William Spiegel as New Director

HAMILTON, Bermuda--(BUSINESS WIRE)--Jan. 3, 2005--Scottish Re Group Limited
(NYSE: SCT), a global life reinsurance specialist, today announced that its
Board of Directors has named William Spiegel as a Director of the Company.

"We are pleased that William is joining our Board of Directors. His financial
expertise and understanding of our industry will help guide the Company through
its next phase of growth," said Scott Willkomm, CEO of Scottish Re Group
Limited. "William and The Cypress Group have provided Scottish Re with both
financial support and valuable advice that are helping us move to a new level in
the reinsurance industry."

Mr. Spiegel is Managing Director with The Cypress Group ("Cypress"), which
manages more than $3.5 billion in private equity funds. Simultaneous with the
December 31, 2004 closing of Scottish Re's acquisition of ING Re's U.S.
Individual Life Reinsurance Business, Scottish Re closed on $180 million in new
capital provided by Cypress. Cypress is now Scottish Re's largest shareholder
and Mr. Spiegel's appointment to the Board is part of Cypress' commitment to
Scottish Re.

Mr. Spiegel has been with Cypress since its formation in 1994 and currently
manages the firm's efforts in the healthcare and financial services industries.
Prior to Cypress, Mr. Spiegel was a member of the Merchant Banking Group at
Lehman Brothers. Over the course of his career, Mr. Spiegel has worked on
private equity transactions across a wide range of industries. He is a director
of Catlin Group Ltd., FGIC Corporation, MedPointe Inc., and Montpelier Re
Holdings Ltd.

Mr. Spiegel received an M.B.A. from the University of Chicago, an M.A. in
Economics from the University of Western Ontario, and a B.Sc. in Economics from
the London School of Economics.

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re
has operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland,
Grand Cayman, and Windsor, England. Its flagship operating subsidiaries include
Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.),
Inc., which are rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings,
A3 (good) by Moody's and A- (strong) by Standard & Poor's, Scottish Re Limited,
which is rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings and A-
(strong) by Standard & Poor's and Scottish Re Life Corporation, which is rated
A- (excellent) by A.M. Best. Additional information about Scottish Re Group
Limited can be obtained from its Web site, www.scottishre.com.

About The Cypress Group

The Cypress Group is a New York-based private equity group which manages two
private equity funds with more than $3.5 billion in commitments. Cypress invests
in privately negotiated transactions, targeting operating businesses and
investing with management to foster continued growth. Cypress has committed over
$4 billion in 32 transactions. Investments made by Cypress include Cinemark,
Inc.; AMTROL, Inc.; Williams Scotsman, Inc.; WESCO International, Inc.;
ClubCorp, Inc.; Danka Business Systems PLC; MedPointe Inc.; Montpelier Re
Holdings, Ltd.; Republic National Cabinet Corp.; Catlin Group Ltd.; The Meow Mix
Company; Financial Guaranty Insurance Company (FGIC); Communications & Power
Industries, Inc.; Affinia Group Inc.; Stone Canyon Entertainment Corporation;
and Cooper-Standard Automotive. The Cypress website address is:
www.cypressgp.com.

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    CONTACT: Brunswick Group
             Ellen Barry/Diana Drobiner, 212-333-3810

    SOURCE: Scottish Re Group Limited