<SEC-DOCUMENT>0000930661-99-001493-index.html : 19990617 <SEC-HEADER>0000930661-99-001493.hdr.sgml : 19990617 ACCESSION NUMBER: 0000930661-99-001493 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990611 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990616 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SCOTTISH ANNUITY & LIFE HOLDINGS LTD CENTRAL INDEX KEY: 0001064122 STANDARD INDUSTRIAL CLASSIFICATION: LIFE INSURANCE [6311] IRS NUMBER: 000000000 STATE OF INCORPORATION: E9 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-29788 FILM NUMBER: 99647596 BUSINESS ADDRESS: STREET 1: UGLAND HOUSE SOUTH CHURCH STREET STREET 2: GEORGE TOWN GRAND CAYMAN CAYMAN ISLANDS CITY: BRITISH WEST INDIES STATE: E9 ZIP: 00000 BUSINESS PHONE: 3459492800 MAIL ADDRESS: STREET 1: UGLAND HOUSE SOUTH CHURCH STREET STREET 2: GEORGE TOWN GRAND CAYMAN CAYMAN ISLANDS CITY: BRITISH WEST INDIES STATE: E9 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: SCOTTISH LIFE HOLDINGS LTD DATE OF NAME CHANGE: 19980615 </SEC-HEADER> <DOCUMENT> <TYPE>8-K <SEQUENCE>1 <DESCRIPTION>FORM 8-K <TEXT> <PAGE> ================================================================================ 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): JUNE 11, 1999 SCOTTISH ANNUITY & LIFE HOLDINGS, LTD. (Exact Name of Registrant as Specified in its Charter) CAYMAN ISLANDS 0-29788 N/A (State or Other (Commission (IRS Employer Jurisdiction of Incorporation) File Number) Identification No.) GRAND PAVILION COMMERCIAL CENTRE, 802 WEST BAY ROAD N/A GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS, BWI (Zip Code) (Address of Principal Executive Offices) Registrant's telephone number, including area code: (345) 949-2800 P.O. BOX 10657 APO, 2 ARTILLERY COURTS, SHEDDEN ROAD GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS, BWI (Former Name or Former Address, if Changed Since Last Report) ================================================================================ <PAGE> ITEM 5. OTHER EVENTS. On June 11, 1999, Scottish Annuity & Life Holdings, Ltd. issued a press release announcing its agreement to purchase the business of Harbourton Reassurance, Inc. A copy of the press release is filed as Exhibit 99.1 hereto and is incorporated herein by this reference. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits: -------- Exhibit Number Exhibit ------ ------- 99.1 Press release, dated June 11, 1999, issued by Scottish Annuity & Life Holdings, Ltd. 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 ANNUITY & LIFE HOLDINGS, LTD. By: /s/ MICHAEL C. FRENCH ______________________________________ Michael C. French President and Chief Executive Officer Dated: June 16, 1999 -2- <PAGE> INDEX TO EXHIBITS ----------------- <TABLE> <CAPTION> EXHIBIT NUMBER EXHIBIT ------- ------- <S> <C> 99.1 Press release, dated June 11, 1999, issued by Scottish Annuity & Life Holdings, Ltd. </TABLE> -3- </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-99.1 <SEQUENCE>2 <DESCRIPTION>PRESS RELEASE <TEXT> <PAGE> EXHIBIT 99.1 June 11, 1999/Georgetown, Cayman Islands--Scottish Annuity & Life Holdings, Ltd. (Nasdaq: SCOT) today announced that it has signed a definitive agreement to acquire Harbourton Reassurance, Inc. Harbourton is organized in Delaware, is licensed in 14 other states and the District of Columbia, and is an authorized reinsurer in 38 states. At March 31, 1999, Harbourton's principal assets were four blocks of deferred annuities with aggregate reserves of approximately $90 million. Harbourton had total statutory assets of approximately $136 million and statutory capital of approximately $38 million at March 31, 1999. The transaction, which is subject to regulatory approvals and other customary conditions, is expected to close later this year. "From a financial standpoint Harbourton presents an attractive opportunity to acquire an existing book of annuity reinsurance business," said Mike French, President and CEO of Scottish. "In addition, Harbourton will open up new reinsurance opportunities for us in the U.S. Our offshore flow of longer duration annuity business has exceeded our expectations. Now, using Harbourton as a platform we will also be able to pursue shorter duration annuity business which can be written just as advantageously in the U.S." Certain statements included herein are "forward-looking statements" within the meaning of the federal securities laws. Management cautions that forward- looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors 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 <PAGE> exchange rates, inflation rates, recession, and other external economic factors); 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; 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. Scottish Annuity & Life Holdings, Ltd., through its wholly-owned subsidiary, Scottish Annuity & Life Insurance Company, provides customized variable life insurance products to high net worth individuals and families and reinsurance of in-force blocks of annuity and life insurance obligations. ### </TEXT> </DOCUMENT> </SEC-DOCUMENT>