Bermuda-based Scottish Re Group Ltd. has named George Zippel as its new president and chief executive officer.

A statement from the life reinsurance specialists said Mr. Zippel would be joining the company immediately and would serve in a transitional role until August 10, when he would take over the top job from Paul Goldean.

Mr. Goldean, who has served as president and CEO for the past year, will continue with Scottish Re, assuming the role of chief administrative officer, effective August 10.

Mr. Zippel, 48, was most recently president and CEO of Genworth Financial's protection segment, which included the company's life insurance, long-term care insurance, employee benefit, and payment protection insurance businesses.

In this role, he was responsible for 4,000 employees in 17 countries, and in 2006, oversaw efforts that resulted in over $6 billion in revenue and $600 million in operating net income.

"I'm excited to be joining Scottish Re and look forward to working with the team to drive disciplined management processes that will help us satisfy client needs and meet our financial targets. The company has been through a challenging year, but has strong capabilities that we can build on for our future," Mr. Zippel said.

Mr. Goldean had warned shareholders last week that a vote against the lifeline deal by MassMutual Capital partners and Cerberus Capital Management, each of which will invest $300 million, could have led to bankruptcy.

Scottish Re's stock lost around three quarters of its value on the New York Stock Exchange last year and a previous chief executive Scott Willkomm resigned in July 2006 after poor second-quarter results.