HAMILTON, Bermuda, Oct. 2 /PRNewswire/ -- Scottish Re Group Limited (NYSE:SCT), a global life reinsurance specialist, today announced that subject to finalization of customary treaty terms, it has completed a reinsurance transaction with an independent third party that will provide the Company with additional liquidity of up to $120 million.
"On September 11, 2006, we announced our plans to raise between $150 million to $250 million to reduce near term liquidity pressure under a combination of reinsurance arrangements and credit facilities" said Paul Goldean, President and Chief Executive Officer. "I am pleased to report the completion of this reinsurance transaction which represents an important step forward towards addressing the Company's near term liquidity requirements." About Scottish Re Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, London and Windsor, England. Its primary operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.), Inc., Scottish Re Limited, and Scottish Re Life Corporation. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Limited, is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. Additional information about Scottish Re Group Limited can be obtained from its Web site, http://www.scottishre.com/.
Certain statements included herein are "forward-looking statements" within the meaning of the federal securities laws. The management of Scottish Re Group Limited (the "Company") cautions that forward-looking statements are not guarantees and actual results could differ materially from those expressed or implied in the forward-looking statements. Important events 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 exchange rate, inflation rates, recession and other external economic factors); the impact of terrorist activities on the economy, the insurance and related industries in general and the Company in particular; 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. DATASOURCE: Scottish Re Group Limited CONTACT: Steve Lipin, or Sarah Lubman, +1-212-333-3810 Web site: http://www.scottishre.com/
|