BALTIMORE, MD -- (MARKET WIRE) -- 08/11/06 -- The law firm of Brower Piven, A Professional Corporation, today announced that a securities class action was commenced on behalf of shareholders who purchased or otherwise acquired the common stock of Scottish Re Group Ltd. (NYSE: SCT) between December 16, 2005 and July 28, 2006, inclusive (the "Class Period"). Brower Piven is one of the law firms that has filed this lawsuit within the past 60 days.

The case is pending in the United States District Court for the Southern District of New York against defendant Scottish Re and one or more of its officers and/or directors.

The complaint alleges that Scottish Re and certain of its officers and directors violated federal securities laws by making false and misleading statements and omissions concerning Scottish Re's financial health and business prospects. It also alleges that the Company and its officers and directors covered up serious operational and financial problems. In February 2006, the Company reported strong earnings for the 2005 fourth quarter; they also stated that this positive momentum would continue going forward. In early May 2006, Scottish Re announced that it had refinanced, at favorable rates, all of its regulatory reserves for the business acquired in its acquisition of ING, Scottish Re's reinsurance business. The complaint also alleges that the Company reported reduced earnings for the first quarter of 2006, but dismissed it as temporary, and certainly not a cause for major concern. However, as further alleged in the complaint, on July 28, 2006, the defendants jolted the market on news that CEO Scott Willkomm had resigned, and that for the second quarter, the Company would report a gigantic loss of $130 million, and that results for the remainder of the year would be negatively affected. On this news the Company's share prices plummeted from $16.00 to $3.99, a 75% decline.

If you purchased or otherwise acquired Scottish Re securities during the Class Period, you may request that the Court appoint you as lead plaintiff by October 2, 2006. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Brower Piven, or other counsel of your choice, to serve as your counsel in this action.

To learn more about this lawsuit and your ability to become a lead plaintiff, you may contact Brower Piven, without obligation or cost to you, at The World Trade Center-Baltimore, 401 East Pratt Street, Suite 2525, Baltimore, Maryland 21202, by email at hoffman@browerpiven.com or by calling 410/332-0030. David Brower and Charles Piven have combined experience in securities and class action litigation of over 40 years.

CONTACT:
Brower Piven, A Professional Corporation
Baltimore, Maryland
Charles J. Piven
410/332-0030
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