Michael C. French to Retire As Chairman of the Board of Scottish Re Group
Limited

Company Release - 05/04/2006 20:54

HAMILTON, Bermuda--(BUSINESS WIRE)--May 4, 2006--Scottish Re Group Limited
(NYSE: SCT), a global life reinsurance specialist, announced today the
retirement of Michael C. French as Chairman of its Board of Directors at the
conclusion of the Company's Annual General Meeting that was held on May 3, 2006.
Mr. French will continue to serve as a non-executive Director.


Mr. French has served as Chairman of the Board since 2000, and has been a
Director since 1998. From the Company's initial public offering in 1998 through
December 2004, Mr. French was Chief Executive Officer of the Company. He held
the role of President from May 1998 through March 2000.


Mr. French was a key driver in the formation and growth of Scottish Re, helping
to assemble the world-class management team that is now in place. His efforts
were instrumental in establishing the strategic direction that Scottish Re has
pursued in recent years, growing to be one of the three largest life reinsurance
companies in North America.


"Mike is an extraordinary colleague and has consistently provided support and
good counsel as he has guided the business," said Scott E. Willkomm, President
and Chief Executive Officer of Scottish Re Group Limited. "I am particularly
glad that Mike will continue to be a Director and have a voice in the Company
that he was instrumental in building."


In connection with Mr. French's retirement, the Company will make a one-time
payment of $3.1 million to fulfill its obligations under his employment
agreement and take a non-recurring charge of $3.1 million on a pre-tax basis in
the second quarter.


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 Company. Scottish Re Capital Markets, Inc., a member
of Scottish Re Group Limited, is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities. Additional information
about Scottish Re Group Limited can be obtained from its Web site,
www.scottishre.com.


    CONTACT: Scottish Re Group Limited
             Scott E. Willkomm, 441-298-4364
             scott.willkomm@scottishre.com

    SOURCE: Scottish Re Group Limited