NEW YORK (Bloomberg) — Scottish Re Group Ltd., a life reinsurer which put itself up for sale after a surprise second-quarter loss, said it would hold a shareholders meeting in Hamilton on February 23 to vote on a previously announced buyout offer.The Bermuda-based company needs two-thirds of shareholders to vote in favour of the plan, spokeswoman Sarah Lubman of Brunswick Group said on Friday in a phone interview. Cypress Group, the largest holder with 15 percent of shares outstanding as of November 2006, has already agreed to vote in favour, she said.

Scottish Re put itself up for sale in July after it announced a second-quarter operating loss because of a tax expense and said Scott Willkomm had quit as chief executive officer. In November, Scottish Re said private-equity firm Cerberus Capital Management LP and MassMutual Financial Group agreed to buy about two-thirds of the company for about $4 a share.

Shareholders of record as of Friday will be entitled to vote, the company said in a statement. The vote will take place at the Fairmont Hamilton Princess hotel at 11 a.m.