EX-99.1
2
ex99-1.txt
EXHIBIT 99.1
Scottish Re Closes on Acquisition of ING Re's U.S. Individual Life Reinsurance
Business
HAMILTON, Bermuda--(BUSINESS WIRE)--Dec. 31, 2004--Scottish Re Group Limited
(NYSE: SCT), a global life reinsurance specialist, announced today that its
acquisition of ING Re's U.S. Individual Life Reinsurance Business has closed
effective December 31, 2004. The company now has approximately $1 trillion of
face amount of life reinsurance in-force, $8.8 billion in assets, $2.1 billion
in revenues, and a capital base of approximately $1.3 billion.
Additionally, simultaneous with the closing of this acquisition, Scottish Re has
closed on $180 million in new capital provided by The Cypress Group ("Cypress"),
a New York private equity firm, to support the acquired business. Under this
purchase agreement, Cypress received ordinary shares equal to 9.9% of the
aggregate number of ordinary shares issued and outstanding on the closing date
at $19.375 per share, Class C warrants to purchase ordinary shares representing
the difference between 19.9% ownership, and an approximately $41 million
aggregate principal amount of 7.00% convertible junior subordinated notes. The
warrants and notes automatically convert upon approval of shareholders to amend
the company's articles of association. As of the closing, Cypress is Scottish
Re's largest shareholder. Cypress has appointed one director and one non-voting
observer to the Board of Directors, effective as of the closing. To further
support this acquisition, Scottish Re raised an additional $50 million in
preferred trust securities that closed on December 15, 2004.
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, and Windsor, England. Its flagship operating subsidiaries include
Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.),
Inc., which are rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings,
A3 (good) by Moody's and A- (strong) by Standard & Poor's, Scottish Re Limited,
which is rated A- (excellent) by A.M. Best, A (strong) by Fitch Ratings and A-
(strong) by Standard & Poor's and Scottish Re Life Corporation, which is rated
A- (excellent) by A.M. Best. Additional information about Scottish Re Group
Limited can be obtained from its Web site, www.scottishre.com.
About The Cypress Group
The Cypress Group is a New York-based private equity group which manages two
private equity funds with more than $3.5 billion in commitments. Cypress invests
in privately negotiated transactions, targeting operating businesses and
investing with management to foster continued growth. Cypress has committed over
$4 billion in 30 transactions. Investments made by Cypress include Montpelier Re
Holdings, Ltd.; Catlin Group Ltd.; Financial Guaranty Insurance Company (FGIC);
Cinemark, Inc.; AMTROL, Inc.; Williams Scotsman, Inc.; WESCO International,
Inc.; ClubCorp, Inc.; Danka Business Systems PLC; MedPointe Inc.; Republic
National Cabinet Corp.; The Meow Mix Company; and Communications & Power
Industries, Inc. The Cypress website address is: www.cypressgp.com.
-----------------
CONTACT: Brunswick Group,
Ellen Barry, Diana Drobiner,
212-333-3810
SOURCE: Scottish Re Group Limited

EX - 99 . 1 2 ex99 - 1 . txt EXHIBIT 99 . 1 Scottish Re Closes on Acquisition of ING Re ' s U . S . Individual Life Reinsurance Business HAMILTON , Bermuda -- ( BUSINESS WIRE ) -- Dec. 31 , 2004 -- Scottish Re Group Limited ( NYSE : SCT ) , a global life reinsurance specialist , announced today that its acquisition of ING Re ' s U . S . Individual Life Reinsurance Business has closed effective December 31 , 2004 . The company now has approximately $ 1 trillion of face amount of life reinsurance in - force , $ 8.8 billion in assets , $ 2.1 billion in revenues , and a capital base of approximately $ 1.3 billion . Additionally , simultaneous with the closing of this acquisition , Scottish Re has closed on $ 180 million in new capital provided by The Cypress Group ( " Cypress " ) , a New York private equity firm , to support the acquired business . Under this purchase agreement , Cypress received ordinary shares equal to 9 . 9 % of the aggregate number of ordinary shares issued and outstanding on the closing date at $ 19.375 per share , Class C warrants to purchase ordinary shares representing the difference between 19 . 9 % ownership , and an approximately $ 41 million aggregate principal amount of 7 . 00 % convertible junior subordinated notes . The warrants and notes automatically convert upon approval of shareholders to amend the company 's articles of association . As of the closing , Cypress is Scottish Re ' s largest shareholder . Cypress has appointed one director and one non - voting observer to the Board of Directors , effective as of the closing . To further support this acquisition , Scottish Re raised an additional $ 50 million in preferred trust securities that closed on December 15 , 2004 . 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 , and Windsor , England . Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company ( Cayman ) Ltd . and Scottish Re ( U . S . ) , Inc . , which are rated A - ( excellent ) by A . M . Best , A ( strong ) by Fitch Ratings , A3 ( good ) by Moody ' s and A - ( strong ) by Standard & Poor ' s , Scottish Re Limited , which is rated A - ( excellent ) by A . M . Best , A ( strong ) by Fitch Ratings and A - ( strong ) by Standard & Poor ' s and Scottish Re Life Corporation , which is rated A - ( excellent ) by A . M . Best . Additional information about Scottish Re Group Limited can be obtained from its Web site , www.scottishre.com . About The Cypress Group The Cypress Group is a New York - based private equity group which manages two private equity funds with more than $ 3.5 billion in commitments . Cypress invests in privately negotiated transactions , targeting operating businesses and investing with management to foster continued growth . Cypress has committed over $ 4 billion in 30 transactions . Investments made by Cypress include Montpelier Re Holdings , Ltd . ; Catlin Group Ltd . ; Financial Guaranty Insurance Company ( FGIC ) ; Cinemark , Inc . ; AMTROL , Inc . ; Williams Scotsman , Inc . ; WESCO International , Inc . ; ClubCorp , Inc . ; Danka Business Systems PLC ; MedPointe Inc . ; Republic National Cabinet Corp . ; The Meow Mix Company ; and Communications & Power Industries , Inc . The Cypress website address is : www.cypressgp.com . ----------------- CONTACT : Brunswick Group , Ellen Barry , Diana Drobiner , 212 - 333 - 3810 SOURCE : Scottish Re Group Limited