HAMILTON, Bermuda, April 17 /PRNewswire-FirstCall/ -- Scottish Re Group Limited , a global life reinsurance specialist, today provided an update with respect to the closing of its proposed transaction with MassMutual Capital Partners LLC ("MassMutual Capital") and affiliates of Cerberus Capital Management, L.P. ("Cerberus") whereby each will invest $300 million into the company, resulting in a total new equity investment of $600 million. MassMutual Capital and Cerberus will have a controlling voting equity interest in the company after the closing.
Scottish Re has received notice that the Delaware Department of Insurance approval hearing for the transaction is scheduled for April 26, 2007. Upon receiving final regulatory approval from the Delaware Department of Insurance, as well as the NASD and South Carolina Department of Insurance, all regulatory approvals needed to close the transaction will have been received.
Paul Goldean, Scottish Re's chief executive officer, noted, "The regulatory approval process is proceeding as planned and we look forward to closing the transaction during the first part of May 2007."
About Scottish Re
Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, Singapore, the United Kingdom and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.), Inc., and Scottish Re Limited. 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. Investors are also directed to consider the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.
Scottish Re contact
Catherine Jones
Brunswick Group
212-333-3810
