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Scottish Re Group Limited Announces Tender Offer to Purchase for Cash Any and All of its Outstanding Non-Cumulative Perpetual P

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  Published in Business and Finance on Friday, May 7th 2010 at 16:30 GMT by Market Wire
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HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Re Group Limited ("Scottish Re" or the "Company") (Pink Sheets:SKRRF) has commenced a cash tender offer for any and all of its outstanding Non-Cumulative Perpetual Preferred Shares, liquidation preference $25 per share (collectively, the aPerpetual Preferred Sharesa).

The tender offer is being made pursuant to the Offer to Purchase, dated May 7, 2010 (as it may be amended and supplemented from time to time, the "Offer to Purchase"), and the related Letter of Transmittal, dated May 7, 2010 (as it may be amended and supplemented from time to time, the "Letter of Transmittal" and, together with the Offer to Purchase, the "Offer"), which set forth the full details of the terms and conditions of the Offer.

BofA Merrill Lynch is serving as Dealer Manager for the Offer. Brokers and other persons with questions regarding the Offer are encouraged to contact BofA Merrill Lynch at (980) 388-9217 or toll-free at (888) 292-0070. Requests for documents may be directed to D.F. King & Co., the Information Agent, at (212) 269-5550 or (888) 869-7406.

This press release is neither an offer to purchase nor a solicitation of an offer to sell the Perpetual Preferred Shares or any other security. The Offer is made only by the Offer to Purchase and the Letter of Transmittal. The Offer is not being made to security holders in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Offer is required to be made by a licensed broker or dealer, it shall be deemed to be made by the Dealer Manager on behalf of the Company.

About Scottish Re

Scottish Re is a global life reinsurance specialist, with operating businesses in Bermuda, Ireland and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited and Scottish Re (U.S.), Inc. Additional information about Scottish Re can be obtained from its Web site, [ www.scottishre.com ].