SEC FORM 4

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

SCOFIELD OSCAR R

(Last)

(First)

(Middle)

13840 BALLANTYNE CORPORATE PLACE

SUITE 500

(Street)

CHARLOTTE

28277

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SCOTTISH RE GROUP LTD [ SCT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Pres. Scottish Re (U.S.), Inc.

3. Date of Earliest Transaction (Month/Day/Year)
03/23/2006

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Ordinary Shares	03/29/2006		M		50,000	A	$8.75	63,489	D
Ordinary Shares	03/29/2006		M		40,000	A	$14.125	103,489	D
Ordinary Shares	03/29/2006		M		20,000	A	$17.3	123,489	D
Ordinary Shares	03/23/2006		S		110,000	D	$24.25	13,489	D⁽¹⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Non-Qualified Stock Option (right to buy)⁽²⁾	$8.75	03/29/2006		M			50,000	⁽³⁾	08/04/2010	Ordinary Shares	50,000	$0	0	D
Non-Qualified Stock Option (right to buy)⁽²⁾	$14.125	03/29/2006		M			40,000	⁽³⁾	02/08/2008	Ordinary Shares	40,000	$0	0	D
Non-Qualified Stock Option (right to buy)⁽²⁾	$17.3	03/29/2006		M			20,000	⁽⁴⁾	02/11/2012	Ordinary Shares	20,000	$0	5,000	D

Explanation of Responses:

1. This amount includes 10,479 ordinary shares indirectly owned by Mr. Scofield pursuant to his 401K plan, 1,000 ordinary shares owned by a corporation controlled by Mr. Scofield's wife and son and 510 ordinary shares owned by Mr. Scofield's son.

2. The Stock Options are options to purchase ordinary shares, par value $.01, of Scottish Re Group Limited (the "Company").

3. The Stock Options are exercisable in one-third increments on the first, second and third anniversary of the grant.

4. The Stock Options are exercisable in one-fifth increments on the first, second, third, fourth and fifth annivesary of the grant.

	/s/ Paul Goldean, by power of attorney for Oscar Scofield	03/29/2006
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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