Scottish Re Group Ltd. (OTC BB: SKRRF) has completed the sale of its ING individual life reinsurance business to Hannover Ruckversicherung AG. No financial terms were disclosed. Scottish Re raised $600 million from Cerberus Capital Management and MassMutual Capital Partners in late 2006, via a placement of convertible preferred shares.
Scottish Re Group Limited (Pink Sheets:SKRRF) “Scottish Re” or the “Company”, announced today it had concluded the sale of its ING individual life reinsurance business to Hannover Ruckversicherung AG (“Hannover Re”). The transaction received all necessary regulatory approvals.
Paul Goldean, Chief Executive Officer of Scottish Re commented, “It is a testament to the tenacity of our employees and Board, in the current economic crisis, that we were able to successfully close this transaction. As disclosed in our Disclosure Document posted on January 28, 2009 to our website, Scottish Re continues to execute complex and timely transactions to preserve value for its stakeholders. We wish the best to our employees transferring to Hannover Re and look forward to the challenges ahead.”
Merrill Lynch & Co. served as the exclusive financial advisor for the transaction and Dewey & LeBoeuf served as the Company’s legal counsel.
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.