Scottish Re Announces Closing of $325 Million Collateral Facility Securities
Transaction

HAMILTON, Bermuda--(BUSINESS WIRE)--Jan. 12, 2005--Scottish Re Group Limited
(NYSE: SCT), a global life reinsurance specialist, announced today that it has
closed an offering of $325 million Collateral Facility Securities by Stingray
Pass-Through Trust issued under Rule 144A. The Collateral Facility Securities
allow Scottish Annuity & Life Insurance Company (Cayman) Ltd. ("SALIC") to issue
funding agreements at a pre-determined price, without any conditions and at any
time, in exchange for a portfolio of highly rated 30-day commercial paper. The
Collateral Facility matures on January 12, 2015.

Scott Willkomm, President and Chief Executive Officer of Scottish Re, said, "In
addition to enhancing our ability to react to future events, this attractive
transaction allows SALIC to use eligible assets as collateral in our reinsurance
business. In addition, it will guarantee SALIC's ability and capacity to issue
$325 million of funding agreements in the future, without any capital market or
execution risk at the time of issuance. This new collateral facility represents
an essential part of our strategic funding strategy and the efficient management
of our capital."

UBS Securities LLC acted as sole bookrunner, and Banc of America Securities LLC
and J.P. Morgan Securities Inc. acted as co-managers on the transaction.

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.

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

    SOURCE: Scottish Re Group Limited