Scottish Re Group Limited has announced that, subject to finalisation of customary treaty terms, it has completed a reinsurance transaction with an independent third party that will provide the company with additional liquidity of up to $120 million.

“On September 11th 2006, we announced our plans to raise between $150 million to $250 million to reduce near term liquidity pressure under a combination of reinsurance arrangements and credit facilities" said Paul Goldean, president and chief executive officer. “I am pleased to report the completion of this reinsurance transaction which represents an important step forward towards addressing the company's near term liquidity requirements.”