NU Online News Service, Jan. 3, 2005, 5:30 p.m. EST
The Cypress Group, New York, has invested $180 million in Scottish Re Group Ltd., Hamilton, Bermuda.[@@]
Scottish Re raised the money to support a newly acquired U.S. individual life reinsurance business. Scottish Re completed the acquisition of the business, from ING Groep N.V., Amsterdam, Dec. 31, 2004.
Cypress, a private equity firm, received 9.9% of Scottish Re’s ordinary common stock in exchange for its investment.
Cypress also received Class C warrants that could increase its ownership stake to 19.9% and about $41 million in 7% convertible junior subordinated notes.