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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 HAySXhOUc9lscTPU2tVuuQ==

<SEC-DOCUMENT>0001140361-08-001100.txt : 20080110
<SEC-HEADER>0001140361-08-001100.hdr.sgml : 20080110
<ACCEPTANCE-DATETIME>20080110164353
ACCESSION NUMBER:		0001140361-08-001100
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20080108
FILED AS OF DATE:		20080110
DATE AS OF CHANGE:		20080110

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:			LEHMAN BROTHERS HOLDINGS INC
		CENTRAL INDEX KEY:			0000806085
		STANDARD INDUSTRIAL CLASSIFICATION:	SECURITY BROKERS, DEALERS & FLOTATION COMPANIES [6211]
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-16855
		FILM NUMBER:		08523996

	BUSINESS ADDRESS:	
		STREET 1:		LEHMAN BROTHERS
		STREET 2:		745 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2125267000

	MAIL ADDRESS:	
		STREET 1:		LEHMAN BROTHERS
		STREET 2:		745 SEVENTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER NAME:	
		FORMER CONFORMED NAME:	SHEARSON LEHMAN HUTTON HOLDINGS INC
		DATE OF NAME CHANGE:	19901017
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>doc1.xml
<DESCRIPTION>FORM 4
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2008-01-08</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001064122</issuerCik>
        <issuerName>SCOTTISH RE GROUP LTD</issuerName>
        <issuerTradingSymbol>SCT</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0000806085</rptOwnerCik>
            <rptOwnerName>LEHMAN BROTHERS HOLDINGS INC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>745 SEVENTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10019</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2008-01-08</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>50000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.6162</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8903747</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Lehman Brothers Inc.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Ordinary Shares</value>
            </securityTitle>
            <transactionDate>
                <value>2008-01-09</value>
            </transactionDate>
            <deemedExecutionDate></deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionTimeliness>
                <value></value>
            </transactionTimeliness>
            <transactionAmounts>
                <transactionShares>
                    <value>30000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>.5650</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>8933747</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By Lehman Brothers Inc.</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <remarks>Joint Filer Information Title of Derivative Securities: Common Stock Issuer &amp;  Ticker Symbol: Scottish Re Group Ltd. (SCT) Designated Filer: Lehman Brothers Holdings Inc. 745 Seventh Avenue New York, NY 10019 Other Joint Filer Information: Lehman Brothers Inc. 745 Seventh Avenue New York, NY 10019, a Delaware corporation, a direct wholly-owned subsidiary of the Reporting Person.</remarks>

    <ownerSignature>
        <signatureName>/s/ Barrett S. DiPaolo</signatureName>
        <signatureDate>2008-01-10</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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