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): February 16, 2006

                                  ____________


                            SCOTTISH RE GROUP LIMITED
             (Exact name of registrant as specified in its charter)




       Cayman Islands                   001-16855                 98-0362785
(State or Other Jurisdiction    (Commission File Number)       (I.R.S. Employer
      of Incorporation)                                      Identification No.)


              P.O. Box HM 2939
Crown House, Third Floor, 4 Par-la-Ville Road
                Hamilton HM12
                   Bermuda                                        N/A
  (Address of Principal Executive Offices)                    (Zip Code)

                                 (441) 295-4451
               Registrant's telephone number, including area code

                                       N/A
          (Former name or former address, if changed since last report)

        Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:

[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))

________________________________________________________________________________






Item 5.02. Departure of Directors or Principal Officers;  Election of Directors;
Appointment of Principal Officers.

        Scottish Re Group Limited (the "Company") announced on February 21, 2006
that its Board of Directors (the "Board") has named Glenn S. Schafer as a
Director of the Company, effective as of February 16, 2006. Mr. Schafer was
elected to the Board at a meeting held on February 16, 2006 and will serve as
Vice-Chairman of the Board. He previously served on the Board of the Company
from December 2001 through February 2005, when he resigned on excellent terms.
Mr. Schafer has more than thirty years of experience in the fields of finance
and insurance, most recently with Pacific Life Insurance Company ("Pacific
Life"). After nearly twenty years with Pacific Life, Mr. Schafer retired as Vice
Chairman at the end of 2005. Additional information regarding Mr. Schafer's
business experience is set forth in the press release which is filed as Exhibit
99.1 hereto.


Item 9.01. Financial Statements and Exhibits.


(c) Exhibits.


99.1    Press Release issued by Scottish Re Group Limited on February 21, 2006.



                                        2




                                    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 RE GROUP LIMITED


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



Dated:  February 21, 2006



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                                INDEX TO EXHIBITS

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

99.1     Press Release issued by Scottish Re Group Limited on February 21, 2006.





                                        4

EX-99.1

Scottish Re Appoints Glenn S. Schafer as New Director

Company Release - 02/21/2006 16:05


HAMILTON, Bermuda, Feb. 21 /PRNewswire-FirstCall/ -- Scottish Re Group Limited
(NYSE: SCT), a global life reinsurance specialist, today announced that its
Board of Directors has named Glenn S. Schafer as a Director of the Company.

"We are delighted that Mr. Schafer has agreed to rejoin our Board and serve as a
Director of Scottish Re. His experience in the industry coupled with his
existing knowledge of our company gives him a unique perspective on our
business," said Scott Willkomm, Chief Executive Officer and President of
Scottish Re Group Limited. "We look forward to benefiting from Glenn's thirty
plus years of experience in the areas of finance and insurance."

Mr. Schafer joined the Board of Directors of Scottish Re at the end of 2001 when
the Company acquired Worldwide Reassurance Company Limited and Worldwide
Holdings Limited from Pacific Life Insurance Company. At that time, Mr. Schafer
was president of Pacific Life. Mr. Schafer served on the Board until resigning
on excellent terms with the Company in February, 2005.

Mr. Schafer retired as Vice Chairman of Pacific Life Insurance Company at the
end of 2005, having joined the company in 1986. During his tenure, Mr. Schafer
served as Chief Financial Officer and President. He added the Vice Chairman role
for the last ten months of his career at Pacific Life.

Mr. Schafer began his career with Peat Marwick Mitchell and Company in 1971 and
joined Alexander Hamilton Life Insurance Company in 1974, eventually rising to
senior vice president and Chief Financial Officer of that organization. He
joined E.F. Hutton Life in 1982 and worked there until his move to Pacific Life.

Mr. Schafer also serves on the board of directors of Beckman Coulter, the
Michigan State University Foundation, and Orange County's CASA, an organization
that protects the rights of disadvantaged children involved in legal dependency
proceedings.

Mr. Schafer graduated from Michigan State University with a Bachelor of Science
degree in accounting. He received an MBA in finance from the University of
Detroit in 1976. In addition, he is a member of the American Institute of
Certified Public Accountants and a Fellow of the Life Management Institute


About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist. 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, 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. Scottish Re Capital Markets, Inc., a member of
Scottish Re Group Limited, is a registered broker dealer that specializes in
securitization of life insurance assets and liabilities. Additional information
about Scottish Re Group Limited can be obtained from its Web site,
www.scottishre.com.


     Contact:
     Gary Dombowsky
     Scottish Re
     (345) 914-7022


SOURCE  Scottish Re Group Limited
    -0-                             02/21/2006
    /CONTACT:  Gary Dombowsky of Scottish Re Group Limited, +1-345-914-7022/
    /Web site:  http://www.scottishre.com /
    (SCT)