28th Jun 2007 13:09
Arab Insurance Group (B.S.C.)28 June 2007 Scottish Re Announces Sale of Middle East Life Portfolio to Arab Insurance Group June 28, 2007 (Bermuda and Bahrain) - Scottish Re Group Limited (NYSE: SCT), aglobal life reinsurance specialist, today announced the sale of its Middle EastLife portfolio to Arab Insurance Group (Arig), one of the largest reinsurancecompanies in the Middle East and North Africa. Dave Howell, Chief Executive Officer of Scottish Re's International Segment,noted, "This transaction enables our international management team to focus ongrowth opportunities in the UK and Ireland, Asia and our specialist globalaviation business. We understand that the portfolio represents a good strategicfit for Arig and wish them every success for the future. We are particularlypleased that a number of employees from Scottish Re's local office havetransferred to Arig. The regional expertise of Arig, strengthened by thetransferring Scottish Re staff, will ensure that clients continue to receive thehigh quality service which they have come to expect." Yassir Albaharna, Chief Executive Officer of Arig said "Arig is firmly committedto the continued growth of all classes of business and has been exploring waysto diversify from its traditional non-life book. This transaction thereforeunderscores our strength and capabilities to become a leading life reinsuranceprovider in the MENA region. Scottish Re's portfolio is a solid complement toours and we are very pleased to complete the purchase today. Key staff fromScottish Re will shortly relocate to Arig's Head Office in Bahrain in order toensure continuity for our clients. During the transition period, clients canexpect their reinsurance treaties and contracts to remain unchanged." The conclusion of the transaction will mean the transfer of Scottish Re's MiddleEast life portfolio (estimated around USD 22 million annual premiums) to Arig asof 1st July 2007 along with the necessary infrastructure to support ongoingclient and business needs. The financial terms of the transaction were notdisclosed. Jointly Issued by: Scottish Re and Arab Insurance Group About Scottish Re Scottish Re Group Limited is a global life reinsurance specialist. Scottish Rehas operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, Singapore,the United Kingdom and the United States. Its flagship operating subsidiariesinclude Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re(U.S.), Inc., and Scottish Re Limited. Additional information about Scottish ReGroup Limited can be obtained from its Web site, www.scottishre.com. About Arig Arab Insurance Group (Arig) is one of the largest Arab-owned, professionalreinsurance providers in the Middle East and North Africa. Arig is listed on thestock exchanges in Bahrain, Dubai and Kuwait and offers a wide range ofreinsurance products and services. Arig's subsidiaries include Takaful Re(Dubai), Gulf Warranties (Bahrain) and Arima Insurance Software (Bahrain).Additional information about Arig can be obtained at www.arig.com.bh Scottish Re contact:Paul GoldeanScottish ReTel: +44 (0)20 704-943-2344 Arig contact:Yassir AlbaharnaArab Insurance GroupTel: + 973 171 544 112 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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