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): April 14, 2008

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                            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, 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))






     Item 8.01. Other Events.

     Scottish Re Group Limited (the "Company") has determined that,  pursuant to
the  Certificate of  Designations  for its  Non-Cumulative  Perpetual  Preferred
Shares (the "Perpetual  Preferred  Shares"),  it may be precluded from declaring
and paying  dividends on the October 15, 2008  dividend  payment date. A copy of
the notice sent to the  holders of the  Perpetual  Preferred  Shares is attached
hereto as Exhibit 99.1.

     The Company is also announcing that, given the Company's  current financial
condition,  its  Board of  Directors,  in its  discretion,  has not and will not
declare a cash dividend on the Non-Cumulative Perpetual Preferred Shares for the
April 2008 payment date. The Board of Directors has not yet  determined  whether
the Company will pay a dividend on the Non-Cumulative Perpetual Preferred Shares
for the July 2008 payment date; however, based upon prevailing market conditions
and the current financial condition of the Company, it currently does not expect
to do so.


     Item 9.01. Financial Statements and Exhibits.


(c) Exhibits.


99.1  Notice to holders of Perpetual Preferred Shares, dated April 14, 2008.





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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:  April 14, 2008





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                                INDEX TO EXHIBITS

Number    Description
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99.1      Notice to holders of Perpetual Preferred Shares, dated April 14, 2008.







                                        4

EX-99.1

                                                                    Exhibit 99.1


               Potential Mandatory Suspension of Dividends Notice

Pursuant to the provisions of Section 4 of the Certificate of Designations for
the Non-Cumulative Perpetual Preferred Shares (the "Perpetual Preferred Shares")
of Scottish Re Group Limited (the "Company"), the Company hereby notifies
holders of the Perpetual Preferred Shares that the Company may not meet certain
financial tests required for the Company to pay dividends, as described in more
detail below. As a result, the Company may be precluded by the terms of the
Perpetual Preferred Shares from declaring and paying dividends on the October
15, 2008 dividend payment date.

The Company may be precluded from declaring and paying such dividends unless the
Company, through the generation of earnings or issuance of new ordinary shares,
increases the Adjusted Shareholders' Equity Amount ("ASEA") by a currently
undetermined amount by the second dividend date after the date of this notice.
The amount by which the ASEA must be increased to allow the payment of dividends
on the October 15, 2008 payment date cannot be determined until the Company
finalizes its financial results for the year ended December 31, 2007, which has
not occurred as of the date of this notice.

In addition, because the Company has not finalized its financial results for the
year ended December 31, 2007, it cannot provide the results of its Trailing Four
Quarters Consolidated Net Income Amount or its ASEA for the relevant period and
dates. As previously disclosed in a Form 12b-25/A filed by the Company with the
Securities and Exchange Commission on March 27, 2008, the Company's revenues
will decrease for the year ended December 31, 2007 and the Company currently
anticipates that its net loss after tax for the year ended December 31, 2007
will be higher than its net loss reported for the year ended December 31, 2006.
If these results are realized, the Company will have a Trailing Four Quarters
Consolidated Net Income Amount of less than zero and ASEA will have decreased by
greater than 10%. As a result, the Company will be precluded from paying
dividends on the October 15, 2008 dividend payment date.

The Company intends to send a follow-up notice once it has finalized its
financial results for the year ended December 31, 2007 and is able to provide
the results of its Trailing Four Quarters Consolidated Net Income Amount and its
ASEA for the relevant period and dates.

Terms not otherwise defined herein shall have the definition given them in the
prospectus supplement dated June 28, 2005 regarding the Perpetual Preferred
Shares.