Scottish Re Announces Sale of Middle East Life Portfolio to Arab Insurance Group

    HAMILTON, BERMUDA & BAHRAIN, June 28 /CNW/ - Scottish Re Group Limited
(NYSE:  SCT), a global life reinsurance specialist, today announced the sale of
its Middle East Life portfolio to Arab Insurance Group (Arig), one of the
largest reinsurance companies in the Middle East and North Africa.

    Dave Howell, Chief Executive Officer of Scottish Re's International
Segment, noted, "This transaction enables our international management team to
focus on growth opportunities in the UK and Ireland, Asia and our specialist
global aviation business. We understand that the portfolio represents a good
strategic fit for Arig and wish them every success for the future. We are
particularly pleased that a number of employees from Scottish Re's local
office have transferred to Arig. The regional expertise of Arig, strengthened
by the transferring Scottish Re staff, will ensure that clients continue to
receive the high quality service which they have come to expect."

    Yassir Albaharna, Chief Executive Officer of Arig said: "Arig is firmly
committed to the continued growth of all classes of business and has been
exploring ways to diversify from its traditional non-life book. This
transaction therefore underscores our strength and capabilities to become a
leading life reinsurance provider in the MENA region. Scottish Re's portfolio
is a solid complement to ours and we are very pleased to complete the purchase
today. Key staff from Scottish Re will shortly relocate to Arig's Head Office
in Bahrain in order to ensure continuity for our clients. During the
transition period, clients can expect their reinsurance treaties and contracts
to remain unchanged."

    The conclusion of the transaction will mean the transfer of Scottish Re's
Middle East life portfolio (estimated around USD 22 million annual premiums)
to Arig as of 1st July 2007 along with the necessary infrastructure to support
ongoing client and business needs. The financial terms of the transaction were
not disclosed.

    Jointly Issued by:

    Scottish Re and Arab Insurance Group

    About Scottish Re

    Scottish Re Group Limited is a global life reinsurance specialist.
Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey,
Ireland, Singapore, the United Kingdom and the United States. Its flagship
operating subsidiaries include Scottish Annuity & Life Insurance Company
(Cayman) Ltd., Scottish Re (U.S.), Inc., and Scottish Re Limited. Additional
information about Scottish Re Group Limited can be obtained from its Web site,

    About Arig

    Arab Insurance Group (Arig) is one of the largest Arab-owned,
professional reinsurance providers in the Middle East and North Africa. Arig
is listed on the stock exchanges in Bahrain, Dubai and Kuwait and offers a
wide range of reinsurance products and services. Arig's subsidiaries include
Takaful Re (Dubai), Gulf Warranties (Bahrain) and Arima Insurance Software
(Bahrain). Additional information about Arig can be obtained at

For further information:

For further information: Scottish Re, Hamilton Paul Goldean, +44 (0)20
704-943-2344 or Arab Insurance Group Yassir Albaharna, +973 171 544 112

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