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Scottish Annuity Sells 9.2 Million Shares

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NU Online News Service, July 24, 2003, 10:39 a.m. EDT – Scottish Annuity & Life Holdings Ltd., Hamilton, Bermuda, has completed previously announced plans to raise $166 million by selling 8 million shares of new stock to the public at a price of $20.75 per share.

Scottish Annuity also sold 1.2 million shares to the investment banks that underwrote the offering.

The life reinsurer says it will be using some of the proceeds from the stock sale to buy back 1.525 million shares from Pacific Life Insurance Company, Newport Beach, Calif.

Scottish Annuity used 4.5 million shares of its stock to acquire a life reinsurance business from Pacific Life in 2001.

The managers of the Scottish Annuity offering were Bear, Stearns & Company Inc., New York, and UBS Securities L.L.C., New York.