BERMUDA-based Scottish Annuity & Life Holdings, Ltd. yesterday announced its approval of a secondary listing on the Bermuda Stock Exchange (BSX).

The Listing Committee of the BSX approved the listing of up to 33,479,058 ordinary shares of the global life reinsurance specialist, which moved to Bermuda from Grand Cayman last year.

Scottish Annuity & Life Holdings, Ltd. was trading its shares on the NASDAQ national market since its initial public offering in November 1998 until January 2002 when the company transferred its listing to the New York Stock Exchange (NYSE). The company is currently traded on the NYSE under the ticker symbol SCT.

Scottish Annuity & Life's secondary listing on the BSX was officially approved on September 24, 2002.

"The BSX welcomes Scottish Annuity & Life Holdings, Ltd. to listing," said James McKirdy, listings and compliance manager of the BSX. "As a secondary listing, Scottish Annuity & Life Holdings joins the growing list of Bermuda domiciled insurance companies to list on the Exchange."

Scottish Annuity & Life Holdings, Ltd. provides reinsurance of life insurance and is a direct issuer of customised variable life and annuity products for high net worth individuals. These products are written by life insurance companies and other financial institutions located primarily in the United States, as well as around the world. In 2001, total revenues were $119 million. And as of June 2002, total assets were $2.6 billion and total capital was $464 million.

The listing of the ordinary shares of Scottish Annuity & Life is sponsored by LOM Capital Limited. "LOM Capital is proud to sponsor the Scottish Annuity & Life listing on the Exchange," said David Surmon, general counsel at LOM Capital. "Scottish has assembled an impressive, professional team in Bermuda - and it's a growing, exciting company. This listing can be seen as part of their commitment to Bermuda."

With operating companies in Bermuda, Charlotte, Dallas, Dublin, Luxembourg, Grand Cayman and Windsor (England), and satellite offices in Toronto and Louisville (Kentucky), the reinsurer further raises its visibility on a global scale as a result of its listing on the BSX.

"Scottish Annuity does business in over 45 countries and with the opportunities we see in our business over the next two to three years, we expect to be one of the top five global reinsurers in the life space overall," said the president of Scottish Annuity & Life, Scott Willkomm.

"As at the end of 2001, we were number 11 in terms of market share. And with the type of growth that we are experiencing, I think it's very clear, we'll soon be in the top five. At that level, we are sharing the ranks with household names of global reinsurers," he said.

"Being listed on the BSX is very important for us as we'll be recognised as a member of the innovative environment that Bermuda is so well known for. People who we do business with recognise us as specialists - just like many companies that are long established Bermuda powerhouses are recognised in their chosen line of business.

"This (listing) is another step, along with many other steps we've taken, to further enhance the quality of the franchise that we have (developed). That's really the reason we are doing this."

Scottish Annuity & Life was formed in 1998 with the objective of developing non-traditional life reinsurance products, financial reinsurance and other types of products for life companies, according to Mr. Willkomm.

With a predecessor company in Grand Cayman, the business had infrastructure there and consequently chose to headquarter in Cayman. But Scottish Annuity, which now employs 115 people worldwide, moved its head office to Bermuda last year as its business model evolved and business expanded from a North American focus to a global basis.

"We thought it was critical to be in the crossroads of the global reinsurance business.

"That is why we moved our head office to Bermuda," said Mr. Willkomm.