SCOTTISH RE GROUP LIMITED ANNOUNCES PRICING OF PERPETUAL PREFERRED STOCK

HAMILTON, Bermuda--(BUSINESS WIRE)--June 28, 2005--Scottish Re Group Limited
(NYSE: SCT) announced today that it has priced its offering of $125 million of
non-cumulative perpetual preferred stock. The preferred stock will have a fixed
rate dividend of 7.25% for an initial 5-year period and will be callable at par
after 5 years. After the initial period, the dividends on the securities may
become floating. Dividends will be non-cumulative.

The book-running manager for this offering was Lehman Brothers. Senior
co-managers of this offering were Banc of America Securities LLC, Bear, Stearns
& Co. Inc. and Keefe, Bruyette & Woods, Inc. Keefe, Bruyette & Woods, Inc. also
served as special financial advisor to the Company in connection with this
offering.

A registration statement relating to these securities has been filed with the
Securities and Exchange Commission and has become effective. This release shall
not constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
under the securities laws of any such state.

Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re
Group Limited 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. Additional
information about Scottish Re Group Limited can be obtained from its web site,
http://www.scottishre.com/.


    CONTACT: Brunswick Group
             Diana Drobiner, 212-333-3810
             ddrobiner@brunswickgroup.com

    SOURCE: Scottish Re Group Limited