Scottish Re Group Limited Announces Shareholder Approval of MassMutual Capital
and Cerberus Transaction

HAMILTON, Bermuda, March 2 /PRNewswire-FirstCall/ -- Scottish Re Group Limited
(NYSE: SCT), a global life reinsurance specialist, announced today that the
company's shareholders approved a set of proposals relating to the investment by
MassMutual Capital Partners LLC and an affiliate of Cerberus Capital Management,
L.P. at an Extraordinary General Meeting of Shareholders that was held today in
Hamilton, Bermuda. The approval of the proposals by the shareholders represents
an important step in the closing of the transaction, which after receiving
regulatory approval, will result in MassMutual Capital and Cerberus each
investing $300 million into the company for a total equity investment of $600
million. Upon close of the transaction, MassMutual Capital and Cerberus will
have a controlling voting equity interest in the company.

"We are very pleased that our shareholders have approved the transaction and, on
behalf of the board of directors, we thank them for their support during this
difficult period," said Paul Goldean, Scottish Re's Chief Executive Officer. "We
look forward to expeditiously closing the transaction and working with
MassMutual Capital and Cerberus to achieve our financial goals and deliver
long-term value to our shareholders."

Pending certain regulatory approvals, the transaction is expected to close in
early second quarter of this year.

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re
has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, Singapore,
the United Kingdom and the United States. Its flagship operating subsidiaries
include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re
(U.S.), Inc., and Scottish Re Limited. Additional information about Scottish Re
Group Limited can be obtained from its Web site, www.scottishre.com.

     Media Inquiries

     Sarah Lubman / Catherine JonesBrunswick Group
     212-333-3810

     Forward-Looking Statement

Certain statements included herein are "forward-looking statements" within the
meaning of the federal securities laws. The management of Scottish Re Group
Limited (the "Company") cautions that forward-looking statements are not
guarantees and 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; uncertainties about our ability to raise
equity capital or other sources of liquidity; 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.

SOURCE Scottish Re Group Limited

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Contact: Sarah Lubman or Catherine Jones, Brunswick Group, +1-212-333-3810