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                                  NEWS RELEASE


                                                   Scott E. Willkomm
                                                   Scottish Re Group Limited
                                                   (441) 298-4364
                                                   scott.willkomm@scottishre.com


For immediate release/March 17, 2005

                            Scottish Re Group Limited
                     Delays Filing of its 2004 Annual Report

     HAMILTON, Bermuda -- (BUSINESS WIRE) -- March 17, 2005 -- Scottish Re Group
Limited (NYSE:SCT) filed on March 16, 2005 a Form 12b-25 Notification of Late
Filing with the Securities and Exchange Commission, notifying the SEC that the
Company is delaying filing of its Annual Report on Form 10-K for the period
ended December 31, 2004. The Company expects to file the Form 10-K well in
advance of the 15-day deadline provided under SEC Rule 12b-25.

     Due to a combination of factors relating to delays in the exchange of
relevant information between the Company's registered public accounting firm and
the Company and the registered public accounting firm's need to perform
additional internal procedures regarding the Company's determination of a
material weakness in its UK subsidiary, the Company's registered public
accounting firm has not had sufficient time to complete their audit of the
Company's financial statements and the audit of internal control over financial
reporting.

     The Company does not anticipate any significant change in the results of
operations for the quarter and fiscal year ended December 31, 2004 from that
reported in its earnings press release on February 17, 2005.

     Scottish Re Group Limited is a global life reinsurance specialist. Scottish
Re Group Limited 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


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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, Scottish Re Limited, which is rated A- (excellent) by A.M. Best, A
(strong) by Fitch Ratings and A- (strong) by Standard & Poor's and Scottish Re
Life Corporation, which is rated A- (excellent) by A.M. Best. Additional
information about Scottish Re Group Limited can be obtained from its Web site,
http://www.scottishre.com/.


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