Holders have tendered about $25 million in pass-through certificates to Scottish Annuity & Life Insurance Company (Cayman) Ltd.

Scottish Annuity, a unit of Scottish Re Group Ltd., Hamilton, Bermuda (Pink Sheets: SKRRF), announced the tender offer July 7. The offer expired Monday.

Scottish Annuity said it would pay cash for 5.902% collateral facility certificates, or pass-through certificates, of the Stingray Pass-Through Trust.

Scottish Annuity is a life reinsurer. In April, Jonathan Bloomer, the company’s chairman, said Scottish Re is moving forward with an orderly run-off.

-ab