8-K

                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 Current Report
                         Pursuant to Section 13 or 15(d)

                                     of the

                         Securities Exchange Act of 1934


      Date of Report (Date of Earliest Event Reported):  October 24, 2003

                            SCOTTISH RE GROUP LIMITED
             (Exact Name of Registrant as Specified in its Charter)

                                 Cayman Islands
                 (State or Other Jurisdiction of Incorporation)

             0-29788                                          N/A
     (Commission File Number)                          (I.R.S. Employer
                                                     Identification Number)

                                 (441) 295-4451
              (Registrant's Telephone Number, Including Area Code)

              P.O. Box HM 2939
Crown House, Third Floor, 4 Par-la-Ville Road                N/A
           Hamilton HM08, Bermuda                         (Zip Code)
   (Address of Principal Executive Offices)

                     Scottish Annuity & Life Holdings, Ltd.
          (Former Name or Former Address, if Changed Since Last Report)




Item 5.  Other Events and Required FD Disclosure.

On October 24, 2003, Scottish Re Group Limited (the "Company") issued a press
release announcing that it had entered into a Stock Purchase Agreement among the
Company, Scottish Holdings, Inc. and Employers Reinsurance Corporation, pursuant
to which Scottish Holdings, Inc., a wholly owned subsidiary of the Company,
agreed to acquire 95% of the outstanding capital stock of ERC Life Reinsurance
Corporation. A copy of the press release is attached hereto as Exhibit 99.1.


Item 7.  Financial Statements and Exhibits

     (c)  Exhibits

     99.1 Press Release of Scottish Re Group Limited dated October 24, 2003.




                                    SIGNATURE

          Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.

                                   SCOTTISH ANNUITY & LIFE HOLDINGS, LTD.


                                   By: /s/ Paul Goldean
                                       ----------------------------------------
                                       Paul Goldean
                                       Senior Vice President and General Counsel



Dated:  October 27, 2003




                                INDEX TO EXHIBITS

Number       Description
- ------       -----------

 99.1        Press Release of Scottish Re Group Limited dated October 24, 2003.

EX-99.1

                      Scottish Re Group Limited to Acquire
                   Block of GE ERC Life Reinsurance Business


     HAMILTON, Bermuda - October 24, 2003 - Scottish Re Group Limited (NYSE:SCT)
announced today that it has agreed to acquire 95 percent of the outstanding
capital stock of ERC Life Reinsurance Corporation, a subsidiary of GE's
Employers Reinsurance Corporation for $151 million in cash.

     ERC Life, a Missouri company, is one of the companies through which GE ERC
has conducted its life reinsurance business in the United States. The business
of ERC Life consists of a closed block of mostly traditional life reinsurance.
ERC Life has approximately $800 million in total assets and approximately $100
million of statutory capital and surplus. The gross face amount of the in force
business, approximately $170 billion, represents about five percent of GE ERC's
life and health reinsurance business.

     "This transaction adds substantially to our portfolio of traditional life
reinsurance," said Michael C. French, Chairman and Chief Executive Officer of
Scottish Re. "When combined with our $105 billion of in-force mortality
business, this block of pre-XXX business significantly improves our spread of
risk in a capital efficient fashion."

     GE ERC has agreed to administer the business for up to nine months from the
date of acquisition and to assist with the transition of the business to
Scottish Re's systems. No GE ERC employees will transfer to Scottish Re. The
transaction, which is expected to close later this year, is subject to
regulatory approvals.




     Scottish Re Group Limited is a global life reinsurance specialist and
issuer of customized life insurance based wealth management products for high
net worth individuals and families. Scottish Re 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 Scottish Re 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 Re Group
Limited 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.

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