SCOTTISH ANNUITY & LIFE HOLDINGS ANNOUNCES BOARD REALIGNMENT

Date2-May-2000
Scottish Annuity & Life Holdings, Ltd. (Nasdaq:SCOT) announced today that Sam Wyly and David Matthews have advised the Company that they are resigning from the Board of Directors effective as of the Annual Meeting of Stockholders on Wednesday, June 7, 2000. In addition, Board member Duke Buchan has advised the Company that he does not wish to be renominated for a new term when his current term expires at the annual meeting.

 

Scott Willkomm, President of Scottish Annuity has been nominated to fill Mr. Wyly's unexpired term. In addition, the Company has retained Heidrick & Struggles, the international executive search firm, to assist the Company in a search for additional directors.

 

Michael C. French, Chairman and Chief Executive Officer of Scottish Annuity said, "We are grateful for the contributions that Sam, David and Duke have made to the Board of Directors and look forward to their continuing support of the Company."

 

"In our search for additional directors, we will be focusing on attracting independent directors who have a background in the insurance and financial services industry and can actively assist us in continuing to build our business," Mr. French said.

 

Certain statements included herein are "forward-looking statements" within the meaning of the federal securities laws. Management cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Important factors that could cause the actual results of operations or financial condition of the Company to differ include, but are not necessarily limited to, the Company's ability to attract clients and generate business; the competitive environment; the Company's ability to underwrite business; performance of outside service providers; mortality risk; surrender risk; investment risk (including asset value risk, reinvestment risk, and disintermediation risk); the impact of unforeseen economic changes (such as changes in interest rates, currency exchange rates, inflation rates, recession, and other external economic factors); regulatory changes (such as changes in U.S. tax law and insurance regulation which directly affect the competitive environment for the company's products); rating agency policies and practices; and loss of key executives. Investors are also directed to consider the risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission.

 

Scottish Annuity & Life Holdings, Ltd. provides reinsurance of annuities and life insurance products and is a direct issuer of customized variable life and annuity products for high net worth individuals and families.

 

CONTACT: Scottish Annuity & Life Holdings, Ltd.

Scott E. Willkomm

(345) 914-7002

s.willkomm@scottish.com.ky