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February 4, 2008 |
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SCOTTISH RE: Seth Gardner Joins Board of Directors Scottish Re Group Limited has appointed Seth Gardner as a member of the Board of Directors of Scottish Re Group Limited, effective Jan. 29, 2008. Mr. Gardner was designated for election to the Board by MassMutual Capital Partners LLC and SRGL Acquisition, LLC (an affiliate of Cerberus Capital Management, LP) per their contractual right as combined majority shareholders. The Board voted unanimously to appoint Mr. Gardner to the Board. "We are pleased to welcome Seth. His knowledge and experience make him a great addition to the Board and Scottish Re," stated Jonathan Bloomer, Chairman, Board of Directors. Mr. Gardner is a Managing Director and Associate General Counsel at Cerberus Capital Management, LP in New York City. He joined Cerberus in 2003. From 1995 to 2003, Seth was an associate at Wachtell, Lipton, Rosen & Katz, a New York City law firm. Mr. Gardner graduated from Duke University in 1989 with an AB degree. He also received an MBA degree from the Fuqua School of Business and a JD degree from the Duke University School of Law in 1994. Mr. Gardner will be replacing Lenard Tessler who resigned from the Board to focus on other business opportunities. "I enjoyed working with Scottish Re as a member of the Board and will continue to be involved with the company as an affiliate to an investor of Scottish Re," stated Lenard Tessler. His resignation from the Board was effective Jan. 29, 2008. Scottish Re Group Ltd. -- http://www.scottishre.com/ -- is a global life reinsurance specialist. Scottish Re has operating businesses in Bermuda, Grand Cayman, Guernsey, Ireland, the United Kingdom, United States, and Singapore. Its flagship operating subsidiaries include Scottish Annuity & Life Insurance Company (Cayman) Ltd. and Scottish Re (US), Inc. Scottish Re Capital Markets, Inc., a member of Scottish Re Group Ltd., is a registered broker dealer that specializes in securitization of life insurance assets and liabilities. * * * As reported in the Troubled Company Reporter-Latin America on Nov. 15, 2007, Moody's Investors Service has affirmed the ratings of Scottish Re Group Limited's senior unsecured shelf of (P)Ba3 and changed the outlook to negative from stable. |
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