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Scottish Re Group Limited Posts to its Web Site First Quarter 2011 Consolidated Financial Statements

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  Published in Business and Finance on Thursday, May 19th 2011 at 18:01 GMT by Market Wire

HAMILTON, Bermuda--([ BUSINESS WIRE ])--Scottish Re Group Limited ("Scottish Re" or the "Company") (Pink Sheets: SKRRF) announced today that it has posted to its web site its consolidated financial statements for the three month period ended March 31, 2011. For the three month period ended March 31, 2011, Scottish Re reported net income attributable to ordinary shareholders of $22.4 million, or $0.10 per diluted ordinary share, as compared to net income attributable to ordinary shareholders of $99.5 million, or $0.46 per diluted ordinary share, for the three month period ended March 31, 2010.

The $22.4 million of net income attributable to ordinary shareholders for the three month period ended March 31, 2011 was primarily driven by $25.7 million of net realized and unrealized gains associated with the Companya™s invested assets.

The $99.5 million of net income attributable to ordinary shareholders for the three month period ended March 31, 2010 was primarily driven by $83.0 million of net realized and unrealized gains associated with the Companya™s invested assets and a $36.4 million income tax benefit which principally resulted from a reconsideration of an uncertain tax provision.

The Companya™s consolidated financial statements for the three month period ended March 31, 2011, are available on the Companya™s web site at [ www.scottishre.com ].

As described in Note 14 of the Companya™s consolidated financial statements for the three month period ended March 31, 2011, Scottish Re prepared and began delivering to shareholders on May 11, 2011, in connection with the shareholders meeting to be held on June 8, 2011, an Information Statement. The Information Statement, which provides additional information on, among other things, the agreements and transactions announced by the Company on April 15, 2011, incorporates by reference the Companya™s consolidated financial statements for the three month period ended March 31, 2011.

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist with operating businesses in Bermuda, Ireland, and the United States. Its 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 Group Limited can be obtained from its web site, [ www.scottishre.com ].