Scottish Re Group Limited Announces Retirement of Michael C. French as Chairman of the Board

Strategic Insights -

Scottish Re Group Limited, a global life reinsurance specialist, has announced the retirement of Michael C. French as Chairman of its Board of Directors. French, who has served as Chairman since 2000 and has been a Director since 1998, will continue to serve as a non-executive Director. French played a key role in the formation and growth of Scottish Re, assembling the management team and establishing the company's strategic direction. Under his leadership, Scottish Re grew to become one of the three largest life reinsurance companies in North America.

French will receive a one-time payment of $3.1 million to fulfill his employment agreement and the company will take a non-recurring charge of $3.1 million on a pre-tax basis in the second quarter. The company's operating subsidiaries, including Scottish Annuity & Life Insurance company (Cayman) Ltd. and Scottish Re (U.S.), Inc., have received high ratings from A.M. Best, Fitch Ratings, Moody's, and Standard & Poor's.

Key Takeaways:

  • Michael C. French will retire as Chairman of the Board of Scottish Re Group Limited, but will continue to serve as a non-executive Director.
  • French has served as Chairman since 2000 and has been a Director since 1998.
  • He played a key role in the formation and growth of Scottish Re, assembling the management team and establishing the company's strategic direction.
  • Scottish Re has operating companies in Bermuda, Charlotte, North Carolina, Dublin, Ireland, Grand Cayman, and Windsor, England.
  • The company's flagship subsidiaries have received high ratings from A.M. Best, Fitch Ratings, Moody's, and Standard & Poor's.
  • French will receive a one-time payment of $3.1 million and the company will take a non-recurring charge of $3.1 million on a pre-tax basis in the second quarter.
  • The company's management team, led by President and Chief Executive Officer Scott E. Willkomm, will continue to guide the company.

Statistics:

  • Michael C. French will continue to serve as a non-executive Director.
  • Scottish Re Group Limited has operating companies in 6 countries: Bermuda, United States, Ireland, Cayman Islands, and England.
  • The company's flagship subsidiaries have received high ratings from A.M. Best, Fitch Ratings, Moody's, and Standard & Poor's.
  • The one-time payment to French will be $3.1 million.
  • The non-recurring charge will be $3.1 million on a pre-tax basis in the second quarter.
  • The company's initial public offering was in 1998.
  • French was Chief Executive Officer from 1998 to 2004.

Sources:

  • "Scottish Re Group Limited Announces Retirement of Michael C. French as Chairman of the Board." Scottish Re Group Limited. May 3, 2006.
  • "About Scottish Re." Scottish Re Group Limited. www.scottishre.com.