Scottish Re Group Limited is a holding company organized under the laws of the Cayman Islands with its principal executive office in Bermuda. Through our operating subsidiaries, we are engaged in the reinsurance of life insurance, annuities and annuity-type products. These products are written by life insurance companies and other financial institutions located in the United States, as well as in many other countries around the world. We refer to this portion of our business as life reinsurance.
We have operating companies in Bermuda, Ireland, Singapore, the United Kingdom and the United States. Our flagship subsidiaries are Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (U.S.), Inc. and Scottish Re Limited. Each is rated "B-" for financial strength by A.M. Best Company, "BB" for financial strength by Fitch Ratings, and "BB" for financial strength by Standard & Poor’s. Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (U.S.), Inc. are also rated "Ba3" for financial strength by Moody’s. These ratings are based upon factors of concern to policyholders, treaty holders, retrocessionaires, agents and intermediaries and not directed toward the protections of investors.
Since our formation in 1998, we have grown into one of the three largest life reinsurers in the US market (based on the gross amount of ordinary life reinsurance assumed in 2004, together with the individual in-force life reinsurance business of ING America Insurance Holdings, Inc., which we call ING). On December 31, 2004, we acquired, through two of our subsidiaries, the in-force individual life reinsurance business of ING. On December 22, 2003, we completed the acquisition of 95% of the outstanding capital stock of ERC Life Reinsurance Corporation. ERC Life Reinsurance Corporation’s name was subsequently changed to Scottish Re Life Corporation. Scottish Re Life Corporation’s business consists primarily of a closed block of traditional life reinsurance business. As of September 30, 2005, the number of lives we reinsured in North America was approximately 14 million and our gross face amount of in-force business was approximately $1 trillion. On December 31, 2001, we expanded our business outside of North America by acquiring Scottish Re Holdings Limited and its subsidiary, Scottish Re Limited. Scottish Re Limited was formed in 1964, is a U.K.-based reinsurer of group life insurance, individual life insurance and aircrew loss of license insurance in Asia, Europe, Latin America, the Middle East and North Africa.
We offer our clients excellent financial security, quality claims paying ratings, disciplined underwriting, thorough administrative services and quality professionals in the field. Our commitment to our clients, business partners and shareholders is evident in our everyday decisions. This "flight to quality" is our number one priority and instills a high standard of integrity across all avenues of our businesses.
OUR MISSION
We manage capital at risk to deliver knowledge-based life reinsurance solutions to institutional business partners throughout the world.
OUR VISION
We are committed to maximizing shareholder value by becoming the preeminent global specialist dedicated to helping customers improve their financial condition by providing innovative reinsurance solutions and the highest quality capacity to manage insurable financial risks.
OUR VALUES
- Integrity – We honor all of our obligations and maintain the highest standards of professional ethics and honesty.
- Spirit – We provide our people with the opportunity to prosper in a dynamic and collegial environment based on accountability, merit and a passion to succeed.
- Excellence – We pursue excellence and quality in all endeavours.
- Knowledge – We promote well-informed decision making in a knowledge-seeking culture that inspires curiosity and rewards creativity.
- Service – We exceed the expectations of our customers by understanding their unique needs, developing customized solutions and fulfilling our commitments.
- Stewardship – We strive to be the most profitable global risk management firm that consistently maximizes risk-adjusted returns for all stakeholders.
