HAMILTON, Bermuda--(BUSINESS WIRE)-- Scottish Re Group Limited (“Scottish Re” or the “Company”) (Pink Sheets: SKRRF) announced today the completion of its merger with a newly formed subsidiary of its controlling shareholders, SRGL Acquisition, LDC (an affiliate of Cerberus Capital Management, L.P. (“Cerberus”)) and certain affiliates of Massachusetts Mutual Life Insurance Company (“MassMutual” and, together with Cerberus, the “Investors”), pursuant to the previously announced merger agreement entered into on April 15, 2011 and approved at an extraordinary general meeting of the Company’s shareholders held on June 8, 2011.

Effective today, all existing ordinary shares of the Company have been cancelled and all holders of record (other than registered holders of ordinary shares that have exercised dissenters’ rights under the laws of the Cayman Islands) are now eligible to receive merger consideration of $0.30 per ordinary share. BNY Mellon Shareowner Services is acting as paying agent for the Investors and will arrange for payment of the merger consideration to such holders of record.

With the completion of the merger, all outstanding voting shares of the Company are now owned by the Investors. The Company’s Non-Cumulative Perpetual Preferred Shares remain outstanding, unaffected by the merger.

About Scottish Re

Scottish Re Group Limited is a global life reinsurance specialist with operating businesses in Bermuda, Ireland, and the United States. Its operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) Limited, and Scottish Re (U.S.), Inc.www.scottishre.com.

Source: Scottish Re Group Limited