Bermuda-based Scottish Re Group could face being de-listed from the New York Stock Exchange (NYSE) after its share price dropped below the required minimum average of $1 for more than 30 days.

The global life reinsurer, which has businesses in Grand Cayman, Guernsey, Ireland, Singapore, the UK and the US, was notified by the NYSE Regulation Inc. on January 2 that it had fallen below one of the quantitative criteria of the NYSE's continued listing standards related to maintaining a consecutive 30 trading-day average closing stock price of more than $1 per ordinary share. In November, the company's share price fell by 55 percent, largely attributed to its potential exposure to the sub-prime loans crisis. On December 31, 2007, its 30 trading-day average closing stock price was $0.95 per ordinary share and its absolute closing price was $0.73 per ordinary share. But Scottish Re has notified the NYSE that it intends to submit plans to address the price deficiency within the required 10 business day period following the receipt of the notification.

Subject to ongoing re-assessment by NYSE Regulation, the company's ordinary and preferred shares will continue to trade on the NYSE.

Under NYSE rules, at the end of the six-month period following receipt of the original notification, the company must have brought its ordinary shares price and average share price for a consecutive 30 trading-day period back above $1, or be subject to suspension and delisting procedures.

In the interim, the NYSE will add the indicator 'BC' to the ticker symbol for the company's ordinary and perpetual preferred shares to signify that it remains 'below criteria' required by the NYSE for continued listings.

Fellow Bermuda-based life insurer Annuity and Life Re was previously de-listed in July 2004.