-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 PJjXxQWlB9TBWxOS+6+HhP/aC3sZ9pbgRHwRfhl0b8mTfR9yWWcIAE6sZ0rpZ36q
 UviG6r3AuA7EnbdI/Oq8Yg==

<SEC-DOCUMENT>0000898080-03-000413.txt : 20030815
<SEC-HEADER>0000898080-03-000413.hdr.sgml : 20030815
<ACCEPTANCE-DATETIME>20030815162045
ACCESSION NUMBER:		0000898080-03-000413
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20030505
FILED AS OF DATE:		20030815

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			AUSTIN MICHAEL
		CENTRAL INDEX KEY:			0001135038

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16855
		FILM NUMBER:		03850983

	BUSINESS ADDRESS:	
		STREET 1:		10657 APO GRAND CAYMEN
		STREET 2:		CAYMEN ISLANDS BWI

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCOTTISH ANNUITY & LIFE HOLDINGS LTD
		CENTRAL INDEX KEY:			0001064122
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		GRAND PAVILION COMMERCIAL CENTRE
		STREET 2:		802 WEST BAY RD GEORGE TOWN GRAND CAYMAN
		CITY:			GRAND CAYMAN CAYMAN
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		3459492800

	MAIL ADDRESS:	
		STREET 1:		GRAND PAVILION COMMERCIAL CENTRE
		STREET 2:		802 WEST BAY RD GEORGE TOWN
		CITY:			GRAND CAYMAN CAYMAN
		STATE:			E9
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCOTTISH LIFE HOLDINGS LTD
		DATE OF NAME CHANGE:	19980615
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar553_04275form4ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-05-05</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001064122</issuerCik>
        <issuerName>SCOTTISH ANNUITY &amp; LIFE HOLDINGS LTD</issuerName>
        <issuerTradingSymbol>SCT</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001135038</rptOwnerCik>
            <rptOwnerName>AUSTIN MICHAEL</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>P.O. BOX HM2939</rptOwnerStreet1>
            <rptOwnerStreet2>CROWN HOUSE, 3RD FLR, 4 PAR-LA-VILLE RD</rptOwnerStreet2>
            <rptOwnerCity>HAMILTON HM08</rptOwnerCity>
            <rptOwnerState>E9</rptOwnerState>
            <rptOwnerZipCode></rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>0</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Non-Qualified Stock Option (right to buy)</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>17.7000</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-05-05</value>
      </transactionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>A</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>2000</value>
         </transactionShares>
         <transactionPricePerShare>
           <value>0</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-05-05</value>
      </exerciseDate>
      <expirationDate>
         <value>2013-05-05</value>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>2000</value>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>2000</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <ownerSignature>
      <signatureName>/s/ Paul Goldean, by power of attorney for Michael Austin</signatureName>
      <signatureDate>2003-08-15</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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