Scottish Re Closes $555 Million Regulation Triple-X Reserve Transaction

    HAMILTON, BERMUDA, September 6 /CNW/ - Scottish Re Group Limited
(NYSE:  SCT), announced today that its subsidiary, Clearwater Re Limited
("Clearwater Re") has closed a transaction that provides up to $555 million of
Regulation Triple-X peak reserve financing for a minimum of 15 years.
Citibank, N.A. and Calyon New York Branch have committed to purchasing up to
$555 million of notes issued by Clearwater Re.

    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 Clearwater Re

    Clearwater Re is a long-term insurer incorporated in Bermuda for the sole
purpose of reinsuring a defined block of business and financing the associated
reserve strain.

For further information:

For further information: Scottish Re Investor Contact: Michael
Baumstein, 441-298-4394 or Media Contact:
Rayissa Palmer, 704-752-3422

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