has appointed its newest director. Mr. Spiegel is managing director with the New York-based private equity group The Cypress Group.

His appointment to the board follows the December 31, 2004 closing of Scottish Re?s acquisition of ING Re?s US Individual Life Reinsurance Business and its closing on $180 million in new capital provided by Cypress.

Scottish Re now has approximately $1 trillion of face amount of life reinsurance in-force, $8.8 billion in assets, $2.1 billion in revenues and a capital base of approximately $1.3 billion. Cypress is now Scottish Re?s largest shareholder.

In a media release yesterday, the company said that Mr. Spiegel?s appointment to the Board ?is part of Cypress? commitment to Scottish Re?.

Mr. Spiegel has been with Cypress, which manages more than $3.5 billion in private equity funds, since its formation in 1994. He currently manages the firm?s efforts in the healthcare and financial services industries. Prior to Cypress, Mr. Spiegel was a member of the Merchant Banking Group at Lehman Brothers. He is also a director of Catlin Group Ltd., FGIC Corporation, MedPointe Inc., and Montpelier Re Holdings Ltd.

?We are pleased that William is joining our Board of Directors. His financial expertise and understanding of our industry will help guide the Company through its next phase of growth,? said Scott Willkomm, CEO of Scottish Re Group Limited. ?William and The Cypress Group have provided Scottish Re with both financial support and valuable advice that are helping us move to a new level in the reinsurance industry.?

Mr. Spiegel received an MBA from the University of Chicago, an MA in Economics from the University of Western Ontario, and a BSc in Economics from the London School of Economics.