Exhibit 99.1

Scottish Annuity & Life Holdings, Ltd. Commences Public Offering

HAMILTON, Bermuda--(BUSINESS WIRE)--July 7, 2003--Scottish Annuity & Life
Holdings, Ltd. (NYSE:SCT) announced today that it has commenced a public
offering of 7,000,000 ordinary shares. The Company has also granted the
underwriters an option to purchase up to 1,050,000 additional shares to cover
over-allotments.

The Company expects to use the proceeds of the offering to support the growth of
its business, to pursue new business opportunities in the reinsurance market and
for general corporate purposes. In addition, pursuant to an agreement entered
into with Pacific Life Insurance Company , a portion of the net proceeds from
the sale of the ordinary shares will be used to purchase from Pacific Life
Insurance Company 1,000,000 ordinary shares of the Company (and an additional
525,000 ordinary shares if the underwriters exercise the over-allotment option
in full) for a price equal to the public offering price per share less
underwriting discount and commissions per share. The ordinary shares purchased
from Pacific Life will be retired.

The joint book-running managers for this offering are Bear, Stearns & Co. Inc.
and UBS Securities LLC. The co-managers of this offering are A.G. Edwards &
Sons, Inc., Keefe, Bruyette & Woods, Inc. and Putnam Lovell NBF Securities Inc.
A written prospectus relating to the offering may be obtained from Bear, Stearns
& Co. Inc., 383 Madison Avenue, New York, N.Y. 10179 or UBS Securities LLC, 299
Park Avenue, New York, N.Y. 10171.

A shelf registration statement relating to these securities has been filed with
the Securities and Exchange Commission and has become effective. This press
release does not constitute an offer to sell or the solicitation of an offer to
buy any of the securities, nor shall there be any sale of such securities in any
state in which such offer, solicitation or sale is not permitted.

Scottish Annuity & Life Holdings, Ltd. is a global life reinsurance specialist
and issuer of customized life-insurance based wealth management products for
high net worth individuals and families. Scottish Annuity & Life has operating
companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman,
and Windsor, England. Its flagship operating subsidiaries include Scottish
Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc.,
which are rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings, A3
(good) by Moody's and A- (strong) by Standard & Poor's and World-Wide
Reassurance Company Limited, which is rated A- (excellent) by A.M. Best, A
(strong) by Fitch Ratings and A- (strong) by Standard & Poor's.

Certain statements included herein are "forward-looking statements" within the
meaning of the federal securities laws. The management of Scottish Annuity &
Life Holdings, Ltd. cautions that forward-looking statements are not guarantees,
and that actual results could differ materially from those expressed or implied
in the forward-looking statements. Important events that could cause the actual
results of operations or financial condition of the Company to differ include,
but are not necessarily limited to, the Company's ability to attract clients and
generate business; the competitive environment; the Company's ability to
underwrite business; performance of outside





service providers; mortality risk; surrender risk; investment risk (including
asset value risk, reinvestment risk and disintermediation risk); the impact of
unforeseen economic changes (such as changes in interest rates, currency
exchange rate, inflation rates, recession and other external economic factors);
the impact of terrorist activities on the economy, the insurance and related
industries in general and the Company in particular; regulatory changes (such as
changes in U.S. tax law and insurance regulation which directly affect the
competitive environment for the company's products); rating agency policies and
practices; and loss of key executives. Investors are also directed to consider
the risks and uncertainties discussed in documents filed by the Company with the
Securities and Exchange Commission.