Scottish Re Group Limited Announces Departure of President and Chief Executive Officer

Scottish Re Group Limited (Pink Sheets:SKRRF) announced today that Paul Goldean will step down as President and Chief Executive Officer effective April 30, 2010.

The Board has appointed Jonathan Bloomer, the Company’s Chairman, to the Office of the Chairman, to assist executive management in directing the Company.

Mr. Bloomer stated, "The Board wishes to thank Paul for his leadership of the Company through a very difficult period and for all his efforts in ensuring that the Group can meet its obligations and move forward on its strategy of an orderly run-off. Having made very substantial progress on this, Paul has now decided to pursue other career options, and the Board wishes him every success in the future.”

Mr. Bloomer is a partner of Cerberus European Capital Advisors, the UK arm of Cerberus Capital, a New York based investment manager. He is also Executive Chairman of Lucida plc. Mr. Bloomer was previously Group Chief Executive of Prudential from March 2000 until May 2005, and Group Finance Director from January 1995.

Mr. Goldean was appointed President and Chief Executive Officer effective January 1, 2009. Prior to his appointment, he served as Chief Administrative Officer from August 2007 to December 2008. From July 2006 to August 2007, Mr. Goldean was the President and Chief Executive Officer and also served on the Board of Directors. From February 2004 to July 2006, he served as Executive Vice President and General Counsel with responsibility for strategic transactions and capital markets. Mr. Goldean joined the Company in February 2002 as Senior Vice President and General Counsel. Prior to joining the Company, he worked at Jones, Day, Reavis & Pogue where his responsibilities included acting as outside counsel to Scottish Re. Prior to starting his professional career, Mr. Goldean enlisted into the Army and served as a member of the 1^st Battalion, 75^th Ranger Regiment.

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.