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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): September 26, 2007
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SCOTTISH RE GROUP LIMITED
(Exact name of registrant as specified in its charter)
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Cayman Islands 001-16855 98-0362785
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
P.O. Box HM 2939
Crown House, Second Floor, 4 Par-la-Ville
Road
Hamilton HM12
Bermuda N/A
(Address of Principal Executive Offices) (Zip Code)
(441) 295-4451
Registrant's telephone number, including area code
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 5.02. Departure of Directors or Principal Officers; Election of Directors;
Appointment of Principal Officers.
Scottish Re Group Limited (the "Company") announced on September 26, 2007
that it had named Terry Eleftheriou, 48, Executive Vice President and Chief
Financial Officer, effective as of November 12, 2007. Duncan Hayward, who has
been serving as the Company's Chief Accounting Officer since July 6, 2007, will
step down as of November 12, 2007 and will continue in his role as Chief
Financial Officer of the Company's International Segment.
From November 2003 until June 2006, Mr. Eleftheriou was a group finance
executive with XL Capital ("XL") where he was responsible for leading a number
of strategic global initiatives to transform and integrate finance operations
and enhance business processes and related controls. During that time, he was
also a member of XL's Global Finance Executive Council and Executive Management
Group and worked closely with XL's executive management team and Board of
Directors. Prior to joining XL, Mr. Eleftheriou was the CFO of Sage Insurance
Group International and, prior to that, was the finance leader for the
retirement services segment of American General Financial Group. Prior to
holding these positions, Mr. Eleftheriou occupied a variety of leadership roles
with Ernst & Young spanning a 15 year career during which he specialized in
providing assurance and advisory services to insurance and financial services
companies in North America, Europe, and Asia. Mr. Eleftheriou is a Fellow of the
Institute of Chartered Accountants in England and Wales and a member of the
Connecticut Society of Certified Public Accountants. He holds a Bachelor of
Science in Economics from the City University in London, England. Additional
information regarding Mr. Eleftheriou's appointment is set forth in the press
release which is filed as Exhibit 99.1 hereto.
Mr. Eleftheriou's employment agreement (the "Employment Agreement") is for
a two-year term from October 1, 2007 and is automatically renewable for
successive one-year terms, subject to earlier termination with at least 60 days
prior written notice to the other party. Pursuant to the Employment Agreement,
Mr. Eleftheriou will receive a minimum annual base salary of $500,000, a
$100,000 signing bonus and a $150,000 bonus for the 2007 calendar year. In
addition, Mr. Eleftheriou will receive a grant of stock options to purchase
800,000 ordinary shares of the Company pursuant to the terms of the 2007
Scottish Re Group Limited Stock Option Plan.
Item 9.01. Financial Statements and Exhibits.
(c) Exhibits.
99.1 Press Release issued by Scottish Re Group Limited on September 26, 2007.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
SCOTTISH RE GROUP LIMITED
By: /s/ Paul Goldean
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Paul Goldean
Chief Administrative Officer
Dated: September 28, 2007
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INDEX TO EXHIBITS
Number Description
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99.1 Press Release issued by Scottish Re Group Limited on September 26, 2007.
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