Scottish Re Group has appointed Terry Eleftheriou as executive vice-president and chief financial officer.

Mr. Eleftheriou will be based at the company's Par-La-Ville Road headquarters and will join the company next Monday. He will serve in a transition role until he assumes the CFO position on November 12.

The 48-year-old was most recently a group finance executive with XL Capital where he was responsible for leading a number of strategic global initiatives to transform and integrate finance operations and enhance business processes and related controls.

He was also a member of XL's global Finance Executive Council and Executive Management Group and worked closely with XL's executive management team and board of directors.

Prior to joining XL Capital in November 2003, Terry was the CFO of Sage Insurance Group International and previously was the finance leader for the retirement services segment of American General Financial Group.

He also occupied a variety of leadership roles spanning a 15-year career with Ernst & Young, where he specialised in providing assurance and advisory services to insurance and financial services companies in North America, Europe, and Asia.

Mr. Eleftheriou is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Connecticut Society of Certified Public Accountants. He holds a Bachelor of Science in Economics from the City University in London, England.

As Scottish Re's CFO, he will lead the company's global finance function and will be responsible for its financial operations, including accounting and reporting, financial planning and analysis, taxation, audit, and investor and rating agency relations.

In welcoming Mr. Eleftheriou to Scottish Re, George Zippel, president and CEO, said: "Terry is a proven insurance financial executive who has led and managed change in dynamic environments across the globe. He will be a strong business partner for me and the senior leadership team of Scottish Re. I'm confident Terry will have an immediate and positive impact as we work to improve our financial, operating and risk management disciplines and drive profitable growth."

Mr. Eleftheriou said: "I'm excited to be joining Scottish Re at this juncture in its development and look forward to working with George Zippel and the rest of the team in re-establishing the company as a leader in the global life reinsurance industry. We will build on the existing capabilities of the Company to deliver against the needs and expectations of our various stakeholders in order to grow shareholder value."