-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 BKeI0IbytCXKB6gE41SCw2gwbld0xPwRfS5064dV3KDKSXVmh1Cj7sX/9/DzLZiO
 /4/gSnC74CUocGNcQcxY3A==

<SEC-DOCUMENT>0000950142-08-001136.txt : 20080609
<SEC-HEADER>0000950142-08-001136.hdr.sgml : 20080609
<ACCEPTANCE-DATETIME>20080609171124
ACCESSION NUMBER:		0000950142-08-001136
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080531
FILED AS OF DATE:		20080609
DATE AS OF CHANGE:		20080609

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SCOTTISH RE GROUP LTD
		CENTRAL INDEX KEY:			0001064122
		STANDARD INDUSTRIAL CLASSIFICATION:	LIFE INSURANCE [6311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		GRAND PAVILION COMMERCIAL CENTRE
		STREET 2:		802 WEST BAY RD GEORGE TOWN GRAND CAYMAN
		CITY:			GRAND CAYMAN CAYMAN
		STATE:			E9
		ZIP:			00000
		BUSINESS PHONE:		3459492800

	MAIL ADDRESS:	
		STREET 1:		P O BOX HM 2939
		CITY:			HAMILTON
		STATE:			D0
		ZIP:			HM MX

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SCOTTISH LIFE HOLDINGS LTD
		DATE OF NAME CHANGE:	19980615

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Rieder Richard M
		CENTRAL INDEX KEY:			0001436848

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16855
		FILM NUMBER:		08888807

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		212-884-0001

	MAIL ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			R3 Capital Principal Investors GenPar, LLC
		CENTRAL INDEX KEY:			0001436849
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16855
		FILM NUMBER:		08888808

	BUSINESS ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
		BUSINESS PHONE:		(212) 884-0001

	MAIL ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			R3 Capital GenPar MGP, Ltd.
		CENTRAL INDEX KEY:			0001436847
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16855
		FILM NUMBER:		08888809

	BUSINESS ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
		BUSINESS PHONE:		(212) 884-0001

	MAIL ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			R3 Capital Partners Master, L.P.
		CENTRAL INDEX KEY:			0001436846
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16855
		FILM NUMBER:		08888810

	BUSINESS ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
		BUSINESS PHONE:		(212) 884-0001

	MAIL ADDRESS:	
		STREET 1:		1271 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10020
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3_r3cpml053108ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2008-05-31</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001064122</issuerCik>
        <issuerName>SCOTTISH RE GROUP LTD</issuerName>
        <issuerTradingSymbol>SKRRF:OTC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436846</rptOwnerCik>
            <rptOwnerName>R3 Capital Partners Master, L.P.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1271 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436847</rptOwnerCik>
            <rptOwnerName>R3 Capital GenPar MGP, Ltd.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1271 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436849</rptOwnerCik>
            <rptOwnerName>R3 Capital Principal Investors GenPar, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1271 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001436848</rptOwnerCik>
            <rptOwnerName>Rieder Richard M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>1271 AVENUE OF THE AMERICAS</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10020</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Ordinary Shares (par value $0.01 per share)</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8933747</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">R3 Capital Partners Master, L.P. (&quot;R3 Master&quot;), is the direct beneficial owner of 8,933,747 shares of the Issuer's Ordinary
 Shares, par value $0.01 per share (the &quot;Shares&quot;).</footnote>
        <footnote id="F2">R3 Capital GenPar MGP, Ltd. (&quot;R3 MGP&quot;) is the general partner of the R3 Master. R3 Capital Principal Investors GenPar, LLC
 (&quot;R3 Principal&quot;) is the sole voting shareholder of R3 MGP, and Mr. Rieder is the managing member of R3 Principal. Each of R3
 MGP, R3 Principal and Mr. Rieder may be deemed to beneficially own the securities owned directly or indirectly by the R3
 Master. Such persons disclaim beneficial ownership of the reported securities except to the extent of his or its pecuniary
 interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the
 securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.</footnote>
    </footnotes>

    <remarks>(*) The Reporting Persons and the other persons referred to the footnotes to this Statement may be deemed to be members of a
 &quot;group&quot; for purposes of the Securities Exchange Act of 1934. Each Reporting Person disclaims beneficial ownership of any
 securities deemed to be owned by the group that are not directly owned by the reporting person. This Statement shall not be
 deemed an admission that such Reporting Person is a member of a group or the beneficial owner of any securities not directly
 owned by such Reporting Person.</remarks>

    <ownerSignature>
        <signatureName>R3 Capital Partners Master, L.P., BY: R3 Capital GenPar MGP, Ltd., its General Partner, By: /s/ Paul H. Tice, Vice-President</signatureName>
        <signatureDate>2008-06-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>R3 Capital GenPar MGP, Ltd., By: /s/ Paul H. Tice, Vice-President</signatureName>
        <signatureDate>2008-06-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>R3 Capital Principal Investors GenPar, LLC, By: /s/ Paul H. Tice, Vice-President</signatureName>
        <signatureDate>2008-06-09</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>/s/ Richard M. Rieder</signatureName>
        <signatureDate>2008-06-09</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----