HAMILTON, BERMUDA, August 8 /CNW/ - Scottish Re Group Limited (NYSE: SCT),
a global life reinsurance specialist, today filed a Form 12b-25 with the
Securities and Exchange Commission ("SEC") indicating its Form 10-Q for the
quarter ended June 30, 2007 would not be filed on the prescribed due date of
August 9, 2007. The Company expects to file its Form 10-Q on or before August
14, 2007, the fifth calendar day following the prescribed due date.
Paul Goldean, Chief Executive Officer, noted, "During the second quarter
close process we conducted a comprehensive analysis of our 2006 U.S. statutory
filings and analyzed the tax effects of our change-in-control and
redomestication of the Orkney I securitization. We have not yet completed
these projects, and therefore, believe it prudent to delay, for no more than
five days, the filing of the second quarter Form 10-Q."
Mr. Goldean also added, "At this point we believe that the U.S. statutory
filing review will have no material effect on our GAAP or tax positions and
that the change-in-control and the redomestication analysis will result in a
material tax benefit to Scottish Re. Finally, we believe that our pre-tax
operating results for this quarter will be consistent with the guidance we
provided during our first quarter conference call."
The Company also announced today that it will delay releasing earnings
for the quarter ended June 30, 2007 and will postpone the earnings conference
call previously scheduled for August 9, 2007. Notice for the rescheduled
release of earnings and earnings conference call will be released in the next
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,
For further information:
For further information: Scottish Re Rayissa Palmer, Vice President
Marketing & Communications 704-752-3422