SCOTTISH RE GROUP LIMITED

The undersigned acknowledge(s) receipt of the Proxy Statement of Scottish Re
Group Limited (the "Company") relating to the Extraordinary General Meeting of
Shareholders (the "Extraordinary General Meeting") and hereby constitute(s) and
appoint(s) Michael C. French and Scott E. Willkomm, attorneys and proxies of the
undersigned, with full power of substitution and resubstitution to each and with
all the powers the undersigned would possess if personally present, to vote for
and in the name and place of the undersigned all ordinary shares of the Company
held or owned by the undersigned, or standing in the name of the undersigned, at
the Extraordinary General Meeting to be held on Thursday, April 7, 2005,
commencing at 11:00 a.m. Bermuda time, at the Fairmont Hamilton Princess, 76
Pitts Bay Road, Pembroke, Bermuda, or any adjournment or postponement thereof,
upon the matters referred to in the Proxy Statement for the Extraordinary
General Meeting as stated below and on the reverse side. The proxies are further
authorized to vote, in their discretion, upon such other business as may
properly come before the Extraordinary General Meeting or any adjournment or
postponement thereof. A majority of said attorneys and proxies present and
acting at the Extraordinary General Meeting (or if only one shall be present and
act, then that one) shall have, and may exercise, all the powers of all said
attorneys and proxies hereunder.

This proxy is being solicited on behalf of the Board of Directors of Scottish Re
Group Limited. Unless otherwise specified below or on the reverse side, this
proxy will be voted "FOR" the amendments to the Company's Articles of
Association and "FOR" the issuance of ordinary shares to investment funds
affiliated with the Cypress Group L.L.C. (the "Cypress Entities"). Discretionary
authority is hereby conferred as to all other matters that may come before the
Extraordinary General Meeting.

Regardless of whether you plan to attend the Extraordinary General Meeting, you
can be sure your shares are represented at the Extraordinary General Meeting by
promptly returning your proxy in the enclosed envelope.

          THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" PROPOSALS 1 AND 2.

Please date and sign on reverse side and return in the enclosed postage-paid
envelope.

     1.   APPROVAL of amendments to the Company's Articles of Association.

     2.   APPROVAL of the issuance of ordinary shares upon conversion of certain
          notes which were issued to the Cypress Entities on December 31, 2004
          (or upon exercise of certain warrants for which the Notes are
          exchangeable pursuant to their terms, as applicable).




                            SCOTTISH RE GROUP LIMITED

The Board recommends a vote FOR the following proposals:

(1)  Amendments to the Company's Articles of Association.

                    [_] FOR        [_] AGAINST    [_] ABSTAIN

(2)  Isuance of ordinary shares upon conversion of certain notes which were
     issued to the Cypress Entities on December 31, 2004 (or upon exercise of
     certain warrants for which the Notes are exchangeable pursuant to their
     terms, as applicable).

                    [_] FOR        [_] AGAINST    [_] ABSTAIN

This Proxy when executed will be voted in the manner directed herein. If no
direction is made, this Proxy will be voted "FOR" the amendments to the
Company's Articles of Association in Proposal 1 and "FOR" the issuance of
ordinary shares to the Cypress Entities in Proposal 2.

                    [_]MARK HERE FOR ADDRESS
                    CHANGE AND NOTE AT LEFT


           C. AUTHORIZED SIGNATURES - SIGN HERE - THIS SECTION MUST BE
                 COMPLETED FOR YOUR INSTRUCTION TO BE EXECUTED

                    IMPORTANT: Whether or not you
                    expect to attend the meeting
                    in person, please date, sign
                    and return this proxy. Please
                    sign exactly as your name
                    appears hereon. Joint owners
                    should each sign. When
                    signing as attorney, executor,
                    administrator, trustee or
                    guardian, please give full
                    title as such.

                                   Date: ___________
                    Signature ______________________
                                   Date: ___________
                    Signature ______________________

PLEASE VOTE, SIGN, DATE AND RETURN THIS PROXY CARD PROMPTLY USING THE ENCLOSED
ENVELOPE.

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