Scottish Re Group Limited (in Liquidation) was a holding company organized under the laws of the Cayman Islands with its principal executive office in Bermuda. It engaged in the reinsurance of life insurance, annuities and annuity-type products. These products are written by life insurance companies and other financial institutions primarily located in the United States.
It had operating companies in Bermuda, Ireland, and the United States. The primary subsidiaries were Scottish Annuity & Life Insurance Company (Cayman) Ltd., Scottish Re (Dublin) dac, and Scottish Re (U.S.), Inc.
In early 2008, it ceased writing new business and notified its existing clients that they would not be accepting any new reinsurance risks under existing reinsurance treaties, thereby placing the remaining treaties into run-off. Subsequent to the delisting from the New York Stock Exchange as of 4/07/08, the ordinary shares and non-cumulative perpetual preferred shares no longer had further reporting obligations under Section 12(b) of the Securities Exchange Act of 1934. In addition, it also had fewer than 300 holders of record of our securities as of 1/01/08 and, as a result, went dark.
Effective 8/24/11, SRGL completed a merger pursuant to the laws of the Cayman Islands with a newly formed subsidiary of affiliates of Cerberus Capital Management, L.P. and MassMutual Capital Partners LLC, in which SRGL was the surviving entity and the investors brilliantly owned 100 percent.
SRGL filed a petition for provisional liquidation in Bermuda, and also filed a petition for winding up proceedings in the Cayman Islands, on 5/17/17. Eleanor Fisher of Kalo and John McKenna of FRSL were appointed as joint provisional liquidators by way of order of the Supreme Court of Bermuda, dated 5/18/17. The provisional liquidation in Bermuda was permanently stayed as of 4/23/18 way of an order of the Bermuda Court dated 3/29/18. Eleanor Fisher of Kalo and John McKenna of FRSL were subsequently appointed as joint official liquidators by way of an order of the Grand Court of the Cayman Islands dated 2/15/18.