8-K

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

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                                    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): September 26, 2007

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

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       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, Second 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))

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

     Scottish Re Group Limited (the "Company") announced on September 26, 2007
that it had named Terry Eleftheriou, 48, Executive Vice President and Chief
Financial Officer, effective as of November 12, 2007. Duncan Hayward, who has
been serving as the Company's Chief Accounting Officer since July 6, 2007, will
step down as of November 12, 2007 and will continue in his role as Chief
Financial Officer of the Company's International Segment.

     From November 2003 until June 2006, Mr. Eleftheriou was a group finance
executive with XL Capital ("XL") where he was responsible for leading a number
of strategic global initiatives to transform and integrate finance operations
and enhance business processes and related controls. During that time, he was
also a member of XL's Global Finance Executive Council and Executive Management
Group and worked closely with XL's executive management team and Board of
Directors. Prior to joining XL, Mr. Eleftheriou was the CFO of Sage Insurance
Group International and, prior to that, was the finance leader for the
retirement services segment of American General Financial Group. Prior to
holding these positions, Mr. Eleftheriou occupied a variety of leadership roles
with Ernst & Young spanning a 15 year career during which he specialized in
providing assurance and advisory services to insurance and financial services
companies in North America, Europe, and Asia. Mr. Eleftheriou is a Fellow of the
Institute of Chartered Accountants in England and Wales and a member of the
Connecticut Society of Certified Public Accountants. He holds a Bachelor of
Science in Economics from the City University in London, England. Additional
information regarding Mr. Eleftheriou's appointment is set forth in the press
release which is filed as Exhibit 99.1 hereto.

     Mr. Eleftheriou's employment agreement (the "Employment Agreement") is for
a two-year term from October 1, 2007 and is automatically renewable for
successive one-year terms, subject to earlier termination with at least 60 days
prior written notice to the other party. Pursuant to the Employment Agreement,
Mr. Eleftheriou will receive a minimum annual base salary of $500,000, a
$100,000 signing bonus and a $150,000 bonus for the 2007 calendar year. In
addition, Mr. Eleftheriou will receive a grant of stock options to purchase
800,000 ordinary shares of the Company pursuant to the terms of the 2007
Scottish Re Group Limited Stock Option Plan.


Item 9.01. Financial Statements and Exhibits.


(c) Exhibits.

99.1    Press Release issued by Scottish Re Group Limited on September 26, 2007.



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                                    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
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                                   Paul Goldean
                                   Chief Administrative Officer



Dated:  September 28, 2007







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                                INDEX TO EXHIBITS

Number  Description
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99.1    Press Release issued by Scottish Re Group Limited on September 26, 2007.






                                        4

EX-99

Scottish Re Announces Terry Eleftheriou as Chief Financial Officer

Company Release - 09/26/2007 17:10

HAMILTON, Bermuda--(BUSINESS WIRE)--

Scottish Re Group Limited (NYSE:SCT), a global life reinsurance specialist,
today announced the appointment of Terry Eleftheriou as Executive Vice President
and Chief Financial Officer, effective November 12th. Terry will be based at the
company's Hamilton, Bermuda headquarters and will join the Company on October
1st. He will serve in a transition role until he assumes the CFO position on
November 12th.

Terry Eleftheriou, 48, was most recently a group finance executive with XL
Capital where he was responsible for leading a number of strategic global
initiatives to transform and integrate finance operations and enhance business
processes and related controls. He was also a member of XL's global Finance
Executive Council and Executive Management Group and worked closely with XL's
executive management team and Board of Directors. Prior to joining XL Capital in
November 2003, Terry was the CFO of Sage Insurance Group International and
previously was the finance leader for the retirement services segment of
American General Financial Group. He also occupied a variety of leadership roles
spanning a 15 year career with Ernst & Young where he specialized in providing
assurance and advisory services to insurance and financial services companies in
North America, Europe, and Asia.

Terry Eleftheriou is a Fellow of the Institute of Chartered Accountants in
England and Wales and a member of the Connecticut Society of Certified Public
Accountants. He holds a Bachelor of Science in Economics from the City
University in London, England.

As Scottish Re's Chief Financial Officer, Terry will lead the company's global
finance function and will be responsible for its financial operations, including
accounting and reporting, financial planning and analysis, taxation, audit, and
investor and rating agency relations.

In welcoming Terry Eleftheriou to Scottish Re, George Zippel, President and
Chief Executive Officer, noted, "Terry is a proven insurance financial executive
who has led and managed change in dynamic environments across the globe. He will
be a strong business partner for me and the senior leadership team of Scottish
Re. I'm confident Terry will have an immediate and positive impact as we work to
improve our financial, operating and risk management disciplines and drive
profitable growth."

Terry Eleftheriou commented, "I'm excited to be joining Scottish Re at this
juncture in its development and look forward to working with George Zippel and
the rest of the team in re-establishing the Company as a leader in the global
life reinsurance industry. We will build on the existing capabilities of the
Company to deliver against the needs and expectations of our various
stakeholders in order to grow shareholder value."

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 the Company can be obtained at
www.scottishre.com

Source: Scottish Re Group Limited

Contact: Scottish Re Group Limited
Media Contact:
Rayissa Palmer, 704-752-3422
or
Investor Contact:
George Zippel, 441-298-4397

http://www1.snl.com/irweblinkx/file.aspx?IID=4021224&FID=4932014&printable=1