Scottish Re Announces Terry Eleftheriou as Chief Financial Officer

    HAMILTON, BERMUDA, September 26 /CNW/ - Scottish Re Group Limited
(NYSE:  SCT), a global life reinsurance specialist, today announced the
appointment of Terry Eleftheriou as Executive Vice President and Chief
Financial Officer, effective November 12th. Terry will be based at the
company's Hamilton, Bermuda headquarters and will join the Company on October
1st. He will serve in a transition role until he assumes the CFO position on
November 12th.

    Terry Eleftheriou, 48, was most recently a group finance executive with
XL Capital 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. 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 Capital
in November 2003, Terry was the CFO of Sage Insurance Group International and
previously was the finance leader for the retirement services segment of
American General Financial Group. He also occupied a variety of leadership
roles spanning a 15 year career with Ernst & Young where he specialized in
providing assurance and advisory services to insurance and financial services
companies in North America, Europe, and Asia.

    Terry 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.

    As Scottish Re's Chief Financial Officer, Terry will lead the company's
global finance function and will be responsible for its financial operations,
including accounting and reporting, financial planning and analysis, taxation,
audit, and investor and rating agency relations.

    In welcoming Terry Eleftheriou to Scottish Re, George Zippel, President
and Chief Executive Officer, noted, "Terry is a proven insurance financial
executive who has led and managed change in dynamic environments across the
globe. He will be a strong business partner for me and the senior leadership
team of Scottish Re. I'm confident Terry will have an immediate and positive
impact as we work to improve our financial, operating and risk management
disciplines and drive profitable growth."

    Terry Eleftheriou commented, "I'm excited to be joining Scottish Re at
this juncture in its development and look forward to working with George
Zippel and the rest of the team in re-establishing the Company as a leader in
the global life reinsurance industry. We will build on the existing
capabilities of the Company to deliver against the needs and expectations of
our various stakeholders in order to grow shareholder value."

    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 the Company can be obtained at


For further information:

For further information: Scottish Re Group Limited Media Contact:
Rayissa Palmer, 704-752-3422 or Investor Contact: George Zippel, 441-298-4397

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