Scottish Re Group Limited (Pink Sheets:SKRRF) "Scottish Re" or the "Company", announced today that it has posted to its Web site its consolidated unaudited financial statements for the three and nine month periods ended September 30, 2008 and its consolidated audited financial statements for the year ended December 31, 2008. For the year ended December 31, 2008, Scottish Re reported a net loss attributable to ordinary shareholders of $2,710.3 million, or ($39.63) per diluted ordinary share, as compared to a net loss attributable to ordinary shareholders of $1,025.6 million, or ($15.24) per diluted ordinary share, for the prior year period. The net loss attributable to ordinary shareholders was driven by $1,895.9 million in net realized and unrealized losses on investments and a $216.0 million net change in the value of embedded derivatives. The majority of these investment losses were contained in the Company’s non-recourse securitization structures. To view the financial statement documents go to Scottish Re's Web site at www.scottishre.com.
About Scottish Re
Scottish Re Group Limited is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Ireland and the United States. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., and Scottish Re (U.S.), Inc. Additional information about Scottish Re Group Limited can be obtained from its Web site, www.scottishre.com.
Contacts:
Scottish Re
Media and Investor Contact:
Paul Goldean, Chief
Executive Officer, 441-298-4378