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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
__________________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): JUNE 11, 1999
SCOTTISH ANNUITY & LIFE HOLDINGS, LTD.
(Exact Name of Registrant as Specified in its Charter)
CAYMAN ISLANDS 0-29788 N/A
(State or Other (Commission (IRS Employer
Jurisdiction of Incorporation) File Number) Identification No.)
GRAND PAVILION COMMERCIAL CENTRE, 802 WEST BAY ROAD N/A
GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS, BWI (Zip Code)
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (345) 949-2800
P.O. BOX 10657 APO, 2 ARTILLERY COURTS, SHEDDEN ROAD
GEORGE TOWN, GRAND CAYMAN, CAYMAN ISLANDS, BWI
(Former Name or Former Address, if Changed Since Last Report)
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ITEM 5. OTHER EVENTS.
On June 11, 1999, Scottish Annuity & Life Holdings, Ltd. issued a press
release announcing its agreement to purchase the business of Harbourton
Reassurance, Inc. A copy of the press release is filed as Exhibit 99.1 hereto
and is incorporated herein by this reference.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
(c) Exhibits:
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Exhibit
Number Exhibit
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99.1 Press release, dated June 11, 1999, issued by Scottish
Annuity & Life Holdings, Ltd.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, hereunto duly authorized.
SCOTTISH ANNUITY & LIFE HOLDINGS, LTD.
By: /s/ MICHAEL C. FRENCH
______________________________________
Michael C. French
President and Chief Executive Officer
Dated: June 16, 1999
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INDEX TO EXHIBITS
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<CAPTION>
EXHIBIT
NUMBER EXHIBIT
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<S> <C>
99.1 Press release, dated June 11, 1999, issued by Scottish Annuity &
Life Holdings, Ltd.
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EXHIBIT 99.1
June 11, 1999/Georgetown, Cayman Islands--Scottish Annuity & Life Holdings,
Ltd. (Nasdaq: SCOT) today announced that it has signed a definitive agreement to
acquire Harbourton Reassurance, Inc. Harbourton is organized in Delaware, is
licensed in 14 other states and the District of Columbia, and is an authorized
reinsurer in 38 states. At March 31, 1999, Harbourton's principal assets were
four blocks of deferred annuities with aggregate reserves of approximately $90
million. Harbourton had total statutory assets of approximately $136 million
and statutory capital of approximately $38 million at March 31, 1999. The
transaction, which is subject to regulatory approvals and other customary
conditions, is expected to close later this year.
"From a financial standpoint Harbourton presents an attractive opportunity
to acquire an existing book of annuity reinsurance business," said Mike French,
President and CEO of Scottish. "In addition, Harbourton will open up new
reinsurance opportunities for us in the U.S. Our offshore flow of longer
duration annuity business has exceeded our expectations. Now, using Harbourton
as a platform we will also be able to pursue shorter duration annuity business
which can be written just as advantageously in the U.S."
Certain statements included herein are "forward-looking statements" within
the meaning of the federal securities laws. Management cautions that forward-
looking statements are not guarantees and that actual results could differ
materially from those expressed or implied in the forward-looking statements.
Important factors that could cause the actual results of operations or financial
condition of the Company to differ include, but are not necessarily limited to,
the Company's ability to attract clients and generate business; the competitive
environment; the Company's ability to underwrite business; performance of
outside service providers; mortality risk; surrender risk; investment risk
(including asset value risk, reinvestment risk, and disintermediation risk); the
impact of unforeseen economic changes (such as changes in interest rates,
currency
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exchange rates, inflation rates, recession, and other external economic
factors); regulatory changes (such as changes in U.S. tax law and insurance
regulation which directly affect the competitive environment for the company's
products); rating agency policies and practices; and loss of key executives.
Investors are also directed to consider the risks and uncertainties discussed in
documents filed by the Company with the Securities and Exchange Commission.
Scottish Annuity & Life Holdings, Ltd., through its wholly-owned
subsidiary, Scottish Annuity & Life Insurance Company, provides customized
variable life insurance products to high net worth individuals and families and
reinsurance of in-force blocks of annuity and life insurance obligations.
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