Document:

FORM OF VOTING AGREEMENT

October __, 2004

To:  Cypress Merchant B Partners II (Cayman) L.P.
     Cypress Merchant Banking II-A C.V.
     Cypress Side-by-Side (Cayman) L.P.
     55th Street Partners II (Cayman) L.P.
     Scottish Re Group Limited

Dear Sirs:

Re:  Securities Purchase Agreement with Scottish Re Group Limited
     ------------------------------------------------------------

          In consideration of Cypress Merchant B Partners II (Cayman) L.P.,
Cypress Merchant Banking II-A C.V., Cypress Side-by-Side (Cayman) L.P. and 55th
Street Partners II (Cayman) L.P. (collectively, the "Investors") entering into a
securities purchase agreement dated the date hereof (as the same may be amended
from time to time, the "Securities Purchase Agreement") with Scottish Re Group
Limited (the "Company") relating to the issuance and sale of ordinary shares,
warrants and convertible junior subordinated notes of the Company to the
Investors on the terms and subject to the conditions set forth therein (the
"Transaction"), this letter agreement (this "Agreement") sets out the terms by
which the undersigned shareholder of the Company (the "Shareholder") executing
this Agreement undertakes to take or refrain from taking certain actions in
respect of the Transaction.

          The terms of the Transaction are set forth in the Securities Purchase
Agreement, and capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Securities Purchase Agreement.

          1. Representations and Warranties of the Shareholders. The Shareholder
hereby represents and warrants to each of the Investors (and acknowledges that
each of the Investors is relying upon such representations and warranties) as
follows:

               (a) The ordinary shares, par value US$0.01 per share, of the
     Company (the "Ordinary Shares") set forth on Annex I hereto include all
     Ordinary Shares held of record, owned by, or for which the Shareholder has
     or shares any voting power or power of disposition, provided that any such
     shares shall cease to be "Ordinary Shares" from and after such time as such
     shares are transferred to the extent permitted by Section 2. The
     Shareholder is the legal and beneficial owner, has sole voting power, sole
     power of disposition and sole power to agree to all of the matters set
     forth in this Agreement with respect to the Ordinary Shares set forth on
     Annex I hereto. The Shareholder has good title to the Ordinary Shares set
     forth on Annex I hereto, free and clear of all liens, pledges, mortgages
     and encumbrances. Other than the Ordinary Shares set forth on Annex I
     hereto, no Ordinary Shares or other voting securities of the Company are

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                                                                               2

     beneficially owned or controlled directly or indirectly by the Shareholder
     (other than as may be issued upon exercise of employee stock options), and
     the Shareholder does not beneficially own or control directly or indirectly
     any other securities having the right to vote with respect to the Special
     Resolutions.

               (b) The Shareholder has the legal capacity (including, if the
     Shareholder is a corporation, due corporate authorization) to execute and
     deliver this Agreement and to consummate the transactions contemplated
     hereby. This Agreement has been duly executed and delivered by the
     Shareholder, and, assuming the due authorization, execution and delivery by
     each of the Investors, this Agreement constitutes the legal, valid and
     binding obligation of the Shareholder, enforceable in accordance with its
     terms, except as such enforceability may be affected by bankruptcy,
     insolvency, fraudulent conveyance, reorganization, moratorium and other
     similar laws relating to or affecting creditors' rights generally and
     general equitable principles (whether considered in a proceeding in equity
     or at law). If the Shareholder is married, and the Ordinary Shares of the
     Shareholder constitute community property or otherwise need spousal or
     other approval for this Agreement to be legal, valid and binding, this
     Agreement has been duly authorized, executed and delivered by, and
     constitutes the legal, valid and binding obligation of, the Shareholder's
     spouse, enforceable in accordance with its terms, except as such
     enforceability may be affected by bankruptcy, insolvency, fraudulent
     conveyance, reorganization, moratorium and other similar laws relating to
     or affecting creditors' rights generally and general equitable principles
     (whether considered in a proceeding in equity or at law).

               (c) Neither the execution and delivery of this Agreement by the
     Shareholder, the consummation by the Shareholder of the transactions
     contemplated hereby nor the compliance by the Shareholder with any of the
     provisions hereof shall (i) result in any breach of, or constitute a
     default or an event which with notice or lapse of time or both would become
     a default (or give rise to any third party right of termination,
     cancellation, material modification or acceleration) under any of the
     terms, conditions or provisions of any note, loan agreement, bond,
     mortgage, indenture, contract, license, agreement, lease, permit or other
     instrument or obligation to which the Shareholder is a party or by which
     the Shareholder or any of its properties or assets (including the Ordinary
     Shares and any options issued by the Company to purchase Ordinary Shares
     ("Options")) may be bound, (ii) except for filings under U.S. securities
     laws, require on the part of the Shareholder any filing with, or permit,
     authorization, consent or approval of, any Governmental Authority, (iii)
     violate any order, writ, injunction, decree, judgment or law applicable to
     the Shareholder or any of its properties or assets, or (iv) conflict with
     or result in a default under any provision of the certificate of
     incorporation, bylaws or similar organizational documents of the
     Shareholder (if not a natural person), excluding from clauses (i), (ii) and
     (iii) above such violations, breaches, defaults or failures to make any
     filing or to obtain any permit, authorization, consent or approval which
     would not, individually or in the aggregate, reasonably be expected to
     materially delay or impair the ability of the Shareholder to perform its
     obligations under this Agreement.

               (d) There is no private or governmental Action pending before any
     Governmental Authority, or, to the knowledge of the Shareholder, threatened
     against the

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                                                                               3

     Shareholder or any of its properties or any of its officers or directors in
     the case of a corporate entity (in their capacities as such) that,
     individually or in the aggregate, would reasonably be expected to
     materially delay or impair the Shareholder's ability to perform its
     obligations under this Agreement. There is no judgment, decree or order
     against the Shareholder or, to the knowledge of the Shareholder, any of its
     directors or officers in the case of a corporate entity (in their
     capacities as such), that would reasonably be expected to materially delay
     or impair the Shareholder's ability to perform its obligations under this
     Agreement.

          2. Transfer Restrictions. The Shareholder hereby covenants and agrees
with each of the Investors that, from the date of this Agreement until the
termination hereof, the Shareholder shall not (A) sell, transfer, gift, assign,
pledge, hypothecate, encumber or otherwise dispose of (any such event, a
"Transfer") any of the Ordinary Shares or Options held by the Shareholder as of
the date hereof or any ordinary shares of the Company received from the exercise
of Options or otherwise acquired after the date hereof by the Shareholder (the
"Additional Ordinary Shares"), or enter into any agreement, arrangement or
understanding in connection therewith (whether by actual disposition or
effective economic disposition due to cash settlement or otherwise), without
having first obtained the prior written consent of the Investors, in each case
other than a Transfer to a Permitted Transferee so long as such Permitted
Transferee agrees in writing with the Investors to be bound by the terms and
conditions of this Agreement as if such Permitted Transferee were the
Shareholder and notice and a copy of such agreement is concurrently provided to
the Investors, or (B) grant any proxies or powers of attorney (other than those
contemplated by this Agreement), deposit any Ordinary Shares, Options or
Additional Ordinary Shares (collectively, the "Owned Securities") into a voting
trust or enter into a voting agreement, understanding or arrangement with
respect to such Owned Securities. For purposes of this Agreement, "Permitted
Transferee" means, in respect of any Shareholder or Permitted Transferee, the
persons set forth on Annex II hereto (the "Specified Shareholders") and any
lineal descendants of any Specified Shareholder or Permitted Transferee, spouses
of any of the foregoing, legal representatives or estates of any of the
foregoing, trusts maintained for the benefit of any of the foregoing, and/or for
charitable foundations or organizations, and corporations, private charitable
foundations or other entities controlled by such persons or charitable
foundations or organizations of which one or more of the foregoing is a
director, in each case only to the extent such parties agree to be bound by the
terms of this Agreement in accordance with this Section 2. In the case of any
Shareholder that is a corporate entity, the term "Permitted Transferee" shall
also include its wholly-owned subsidiaries. In addition, each Shareholder shall
be a Permitted Transferee of any Permitted Transferee of itself or of the other
Specified Shareholders.

          3. Covenants. The Shareholder hereby undertakes from time to time:

               (a) to vote (or cause to be voted), in person or by proxy, all
     the Ordinary Shares and the Additional Ordinary Shares at any meeting
     (whether annual or special and whether or not an adjourned or postponed
     meeting) of the shareholders of the Company, however called, and in any
     action by written consent of the shareholders of the Company (i) in favor
     of the Special Resolutions and any other resolutions for approval of the
     Transaction (and any actions required in furtherance thereof), (ii) against
     any Competing Transaction and (iii) against any other transaction or action
     that could

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                                                                               4

     reasonably be expected to materially delay or impede, interfere with, or
     discourage the Transaction and against any action that could reasonably be
     expected to result in any breach of any representation, warranty or
     covenant by the Company in the Securities Purchase Agreement. Upon the
     request or direction of any of the Investors, the Shareholder shall have
     the Ordinary Shares or any Additional Ordinary Shares counted or not
     counted as part of a quorum in connection with any meeting of the Company's
     shareholders relating to matters set forth in this Section 3(a);

               (b) the Shareholder shall not without the prior written consent
     of the Investors call or join in a call for any meeting of the shareholders
     of the Company for the purpose of considering any resolution relating to or
     which could reasonably be expected to affect the Transaction; and

               (c) for greater certainty, in connection with any matter referred
     to in Section 3(a)(ii), the Shareholder shall consult with the Investors
     prior to exercising any voting rights attached to the Ordinary Shares or
     the Additional Ordinary Shares and shall exercise or procure the exercise
     of such voting rights as the Investors shall instruct.

          4. No Solicitation. The Shareholder (except in his or her capacity as
a director or officer of the Company and only to the extent permitted by the
Securities Purchase Agreement) agrees that, from the date of this Agreement
until the termination hereof, the Shareholder will not, directly or indirectly,
negotiate with, solicit, initiate or encourage submission of proposals or offers
from, provide information to, or otherwise knowingly take any action to
facilitate or assist, any Third Party with respect to a Competing Transaction.

          5. Capacity as Director or Officer. The Shareholder is signing this
Agreement solely in his or her capacity as the legal and beneficial owner of the
Shareholder's Ordinary Shares. Nothing in this Agreement shall be construed to
prohibit a Shareholder who is a member of the Board of Directors or an officer
of the Company or any subsidiary of the Company from taking any action or
failing to take any action in such capacity in accordance with his or her
fiduciary duties to the Company or such subsidiary or otherwise at the direction
of the board of directors of the Company or such subsidiary.

          6. Disclosure. The Shareholder hereby irrevocably agrees and consents
to the details of this Agreement being set out in any proxy statement or other
required public filing produced by the Company or the Investors in connection
with the Transaction.

          7. Time of the Essence. Any date, time or period referred to in this
Agreement shall be of the essence except to the extent to which the Investors
and the Shareholder agree in writing to vary any date, time or period, in which
event the varied date, time or period shall be of the essence.

          8. Specific Performance. The Shareholder agrees that monetary damages
would not be an adequate remedy for any loss incurred by reason of a breach of
this Agreement by the Shareholder and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

          9. Waiver; Amendment. Each party hereto agrees and confirms that:

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                                                                               5

               (a) any provision of this Agreement may be amended or waived if,
     and only if, such amendment or waiver is in writing and signed, in the case
     of an amendment, by the Shareholder and the Investors or in the case of a
     waiver, by the party against whom the waiver is to be effective; and

               (b) no failure or delay by any party in exercising any right,
     power or privilege hereunder shall operate as a waiver thereof nor shall
     any single or partial exercise thereof preclude any other or further
     exercise.

          10. Integration. This Agreement constitutes the entire agreement among
the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings among the parties with respect thereto.

          11. Termination. This Agreement and the obligations of the parties
hereunder shall terminate upon the earliest to occur of: (a) the Shareholder
Approval having been duly obtained; (b) the Securities Purchase Agreement having
been terminated pursuant to Article IX thereof prior to the Closing Date; or (c)
the second anniversary of the date of this Agreement. Upon termination, this
Agreement will become null and void and of no effect with no liability on the
part of any party hereto, and all proxies granted hereby will be automatically
revoked; provided, however, that no such termination will relieve any party
hereto from any liability for any breach of this Agreement occurring prior to
such termination.

          12. Reliance. No representation, warranty, inducement, promise,
understanding or condition not set forth in this Agreement has been made or
relied upon by any of the parties to this Agreement. Except for the express
representations and warranties contained in this Agreement, none of the parties
hereto makes any representations or warranties, written or oral, statutory,
express or implied, concerning itself or any of its affiliates, or its or its
affiliates' respective businesses, assets or liabilities.

          13. Representations and Warranties of the Investors. Each Investor
represents and warrants to the Shareholder that this Agreement has been duly
executed and delivered by such Investor, and, assuming the due authorization (if
the Shareholder is a corporation), execution and delivery by the Shareholder,
and the due authorization, execution and delivery by the other Investors, this
Agreement constitutes the legal, valid and binding obligation of such Investor,
enforceable in accordance with its terms, except as such enforceability may be
affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights
generally and general equitable principles (whether considered in a proceeding
in equity or at law).

          14. Notices. All notices and other communications hereunder shall be
in writing and shall be deemed duly given (a) on the date of delivery if
delivered personally, (b) on the first business day following the date of
dispatch if delivered by a nationally recognized next-day courier service, (c)
on the fifth business day following the date of mailing if delivered by
registered or certified mail, return receipt requested, postage prepaid or (d)
if sent by facsimile transmission, when transmitted and receipt is confirmed.
All notices hereunder shall be delivered as set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such
notice:

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                                                                               6

     If to any of the Investors, to:

              c/o The Cypress Group L.L.C.
              65 East 55th Street, 28th Floor
              New York, New York  10022
              Attn:  William L. Spiegel
              Facsimile:   (212) 705-0198

              with a copy to:

              Simpson Thacher & Bartlett LLP
              425 Lexington Avenue
              New York, NY 10022
              Attention:    Lee Meyerson
              Fax: (212) 455-2502

     If to the Shareholder, to the address or fax number set forth on the
signature page below the Shareholder's name.

          15. Severability. Any term or provision of this Agreement that is
invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this
Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

          16. Assignment; No Third-Party Beneficiaries. Neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned by
any of the parties (whether by operation of law or otherwise) without the prior
written consent of the other party, except that each Investor may assign,
delegate or otherwise transfer any of its rights, interests or obligations under
this Agreement to an affiliate of such Investor without the consent of the
Shareholder, and the Shareholder may Transfer Ordinary Shares or Options to
Permitted Transferees in accordance with Section 2 hereof without the consent of
the Investors. This Agreement shall be binding upon and shall inure to the
benefit of the parties and their respective successors and permitted assigns.
Notwithstanding anything contained in this Agreement to the contrary, nothing in
this Agreement, expressed or implied, is intended to confer on any person other
than the parties or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement.

          17. Governing Law; Consent to Jurisdiction and Services of Process;
Waiver of Jury Trial.

          (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

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                                                                               7

          (b) Each party to this Agreement hereby irrevocably and
unconditionally, with respect to any matter or dispute arising under, or in
connection with, this Agreement:

               (i) submits for itself and its property in any Action relating to
     this Agreement, or for recognition and enforcement of any judgment in
     respect thereof, to the exclusive general jurisdiction of the courts of the
     State of New York, the courts of the United States of America for the
     Southern District of New York, and appellate courts from any thereof (and
     covenants not to commence any Action in any other venue or jurisdiction);

               (ii) consents that any such Action may be brought in such courts
     and waives any objection that it may now or hereafter have to the venue of
     any such Action in any such court or that such Action was brought in an
     inconvenient court and agrees not to plead or claim the same;

               (iii) agrees that service of process in any such Action will be
     in accordance with the Laws of the State of New York;

               (iv) waives in connection with any such Action any and all rights
     to a jury trial; and

               (v) agrees that nothing herein shall affect the right to effect
     service of process in any other manner permitted by Law.

          18. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall contribute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile shall be
effective as delivery of a manually executed counterpart of this Agreement.

          19. Covenants of the Company. The Company hereby agrees to take all of
the actions required under Sections 6.9 and 6.10 of the Securities Purchase
Agreement. The Company agrees and covenants that it shall not, and shall direct
its transfer agent not to, register the transfer of any Ordinary Shares or
Additional Ordinary Shares except in accordance with the provisions of Section
2.

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                                                                               8

          This Voting Agreement has been agreed and accepted by each of the
undersigned this ___ day of October, 2004.

                                           [DIRECTOR OR OFFICER]

                                           __________________________________
                                           Name:
                                           Address:

                                           Fax:

Accepted and Agreed:

SCOTTISH RE GROUP LIMITED

By:_______________________________
   Name:
   Title:

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                                                                               9

Accepted and Agreed:

CYPRESS MERCHANT B PARTNERS
II (CAYMAN) L.P.

 By:   Cypress Associates II (Cayman) L.P., its general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  __________________________
                   Name:
                   Title:

CYPRESS MERCHANT BANKING II-A C.V.

 By:   Cypress Associates II (Cayman) L.P., its managing
       general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  __________________________
                   Name:
                   Title:

CYPRESS SIDE-BY-SIDE (CAYMAN) L.P.

 By:   Cypress Associates II (Cayman) L.P., its general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  __________________________
                   Name:
                   Title:

55TH STREET PARTNERS II (CAYMAN) L.P.

 By:   Cypress Associates II (Cayman) L.P., its general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  __________________________
                   Name:
                   Title:

<PAGE>

                                                                         Annex I

Shareholder Name                       Number of Ordinary Shares
----------------                       -------------------------

<PAGE>

                                                                        Annex II

Specified Shareholders
----------------------EXECUTION COPY

                                VOTING AGREEMENT

October 15, 2004

To:  Cypress Merchant B Partners II (Cayman) L.P.
     Cypress Merchant Banking II-A C.V.
     Cypress Side-by-Side (Cayman) L.P.
     55th Street Partners II (Cayman) L.P.
     Scottish Re Group Limited

Dear Sirs:

Re:  Securities Purchase Agreement with Scottish Re Group Limited
     ------------------------------------------------------------

          In consideration of Cypress Merchant B Partners II (Cayman) L.P.,
Cypress Merchant Banking II-A C.V., Cypress Side-by-Side (Cayman) L.P. and 55th
Street Partners II (Cayman) L.P. (collectively, the "Investors") entering into a
securities purchase agreement dated the date hereof (as the same may be amended
from time to time, the "Securities Purchase Agreement") with Scottish Re Group
Limited (the "Company") relating to the issuance and sale of ordinary shares,
warrants and convertible junior subordinated notes of the Company to the
Investors on the terms and subject to the conditions set forth therein (the
"Transaction"), this letter agreement (this "Agreement") sets out the terms by
which the undersigned shareholder of the Company (the "Shareholder") executing
this Agreement undertakes to take or refrain from taking certain actions in
respect of the Transaction.

          The terms of the Transaction are set forth in the Securities Purchase
Agreement, and capitalized terms used herein and not otherwise defined shall
have the meanings set forth in the Securities Purchase Agreement.

          1. Representations and Warranties of the Shareholders. The Shareholder
hereby represents and warrants to each of the Investors (and acknowledges that
each of the Investors is relying upon such representations and warranties) as
follows:

               a. The ordinary shares, par value US$0.01 per share, of the
     Company (the "Ordinary Shares") set forth on Annex I hereto include all
     Ordinary Shares held of record, owned by, or for which the Shareholder has
     or shares any voting power or power of disposition, provided that any such
     shares shall cease to be "Ordinary Shares" from and after such time as such
     shares are transferred to the extent permitted by Section 2. The
     Shareholder is the legal and beneficial owner, has sole voting power, sole
     power of disposition and sole power to agree to all of the matters set
     forth in this Agreement with respect to the Ordinary Shares set forth on
     Annex I hereto. The Shareholder has good title to the Ordinary Shares set
     forth on Annex I hereto, free and clear of all liens, pledges, mortgages
     and encumbrances. Other than the Ordinary Shares set forth on Annex I
     hereto, no Ordinary Shares or other voting securities of the Company are

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     beneficially owned or controlled directly or indirectly by the Shareholder
     (other than as may be issued upon exercise of employee stock options), and
     the Shareholder does not beneficially own or control directly or indirectly
     any other securities having the right to vote with respect to the Special
     Resolutions.

               b. The Shareholder has the legal capacity (including, if the
     Shareholder is a corporation, due corporate authorization) to execute and
     deliver this Agreement and to consummate the transactions contemplated
     hereby. This Agreement has been duly executed and delivered by the
     Shareholder, and, assuming the due authorization, execution and delivery by
     each of the Investors, this Agreement constitutes the legal, valid and
     binding obligation of the Shareholder, enforceable in accordance with its
     terms, except as such enforceability may be affected by bankruptcy,
     insolvency, fraudulent conveyance, reorganization, moratorium and other
     similar laws relating to or affecting creditors' rights generally and
     general equitable principles (whether considered in a proceeding in equity
     or at law). If the Shareholder is married, and the Ordinary Shares of the
     Shareholder constitute community property or otherwise need spousal or
     other approval for this Agreement to be legal, valid and binding, this
     Agreement has been duly authorized, executed and delivered by, and
     constitutes the legal, valid and binding obligation of, the Shareholder's
     spouse, enforceable in accordance with its terms, except as such
     enforceability may be affected by bankruptcy, insolvency, fraudulent
     conveyance, reorganization, moratorium and other similar laws relating to
     or affecting creditors' rights generally and general equitable principles
     (whether considered in a proceeding in equity or at law).

               c. Neither the execution and delivery of this Agreement by the
     Shareholder, the consummation by the Shareholder of the transactions
     contemplated hereby nor the compliance by the Shareholder with any of the
     provisions hereof shall (i) result in any breach of, or constitute a
     default or an event which with notice or lapse of time or both would become
     a default (or give rise to any third party right of termination,
     cancellation, material modification or acceleration) under any of the
     terms, conditions or provisions of any note, loan agreement, bond,
     mortgage, indenture, contract, license, agreement, lease, permit or other
     instrument or obligation to which the Shareholder is a party or by which
     the Shareholder or any of its properties or assets (including the Ordinary
     Shares and any options issued by the Company to purchase Ordinary Shares
     ("Options")) may be bound, (ii) except for filings under U.S. securities
     laws, require on the part of the Shareholder any filing with, or permit,
     authorization, consent or approval of, any Governmental Authority, (iii)
     violate any order, writ, injunction, decree, judgment or law applicable to
     the Shareholder or any of its properties or assets, or (iv) conflict with
     or result in a default under any provision of the certificate of
     incorporation, bylaws or similar organizational documents of the
     Shareholder (if not a natural person), excluding from clauses (i), (ii) and
     (iii) above such violations, breaches, defaults or failures to make any
     filing or to obtain any permit, authorization, consent or approval which
     would not, individually or in the aggregate, reasonably be expected to
     materially delay or impair the ability of the Shareholder to perform its
     obligations under this Agreement.

               d. There is no private or governmental Action pending before any
     Governmental Authority, or, to the knowledge of the Shareholder, threatened
     against the

<PAGE>

                                                                               3

     Shareholder or any of its properties or any of its officers or directors in
     the case of a corporate entity (in their capacities as such) that,
     individually or in the aggregate, would reasonably be expected to
     materially delay or impair the Shareholder's ability to perform its
     obligations under this Agreement. There is no judgment, decree or order
     against the Shareholder or, to the knowledge of the Shareholder, any of its
     directors or officers in the case of a corporate entity (in their
     capacities as such), that would reasonably be expected to materially delay
     or impair the Shareholder's ability to perform its obligations under this
     Agreement.

          2. Transfer Restrictions. The Shareholder hereby covenants and agrees
with each of the Investors that, from the date of this Agreement until the
termination hereof, the Shareholder shall not (a) sell, transfer, gift, assign,
pledge, hypothecate, encumber or otherwise dispose of (any such event, a
"Transfer") any of the Ordinary Shares or Options held by the Shareholder as of
the date hereof or any ordinary shares of the Company received from the exercise
of Options or otherwise acquired after the date hereof by the Shareholder (the
"Additional Ordinary Shares"), or enter into any agreement, arrangement or
understanding in connection therewith (whether by actual disposition or
effective economic disposition due to cash settlement or otherwise), without
having first obtained the prior written consent of the Investors, in each case
other than a Transfer (i) pursuant to an effective registration statement under
the Securities Act of 1933, as amended (the "Securities Act"), or in accordance
with Rule 144 promulgated under the Securities Act, or (ii) to a person who
agrees in writing with the Investors to be bound by the terms and conditions of
this Agreement as if such person were the Shareholder and notice and a copy of
such agreement is concurrently provided to the Investors, or (b) grant any
proxies or powers of attorney (other than those contemplated by this Agreement),
deposit any Ordinary Shares, Options or Additional Ordinary Shares
(collectively, the "Owned Securities") into a voting trust or enter into a
voting agreement, understanding or arrangement with respect to such Owned
Securities.

          3. Covenants. The Shareholder hereby undertakes from time to time:

               a. to vote (or cause to be voted), in person or by proxy, all the
     Ordinary Shares and the Additional Ordinary Shares at any meeting (whether
     annual or special and whether or not an adjourned or postponed meeting) of
     the shareholders of the Company, however called, and in any action by
     written consent of the shareholders of the Company (i) in favor of the
     Special Resolutions and any other resolutions for approval of the
     Transaction (and any actions required in furtherance thereof), (ii) against
     any Competing Transaction and (iii) against any other transaction or action
     that could reasonably be expected to materially delay or impede, interfere
     with, or discourage the Transaction and against any action that could
     reasonably be expected to result in any breach of any representation,
     warranty or covenant by the Company in the Securities Purchase Agreement.
     Upon the request or direction of any of the Investors, the Shareholder
     shall have the Ordinary Shares or any Additional Ordinary Shares counted or
     not counted as part of a quorum in connection with any meeting of the
     Company's shareholders relating to matters set forth in this Section 3(a);

               b. the Shareholder shall not without the prior written consent of
     the Investors call or join in a call for any meeting of the shareholders of
     the Company for the

<PAGE>

                                                                               4

     purpose of considering any resolution relating to or which could reasonably
     be expected to affect the Transaction; and

               c. for greater certainty, in connection with any matter referred
     to in Section 3(a)(ii), the Shareholder shall consult with the Investors
     prior to exercising any voting rights attached to the Ordinary Shares or
     the Additional Ordinary Shares and shall exercise or procure the exercise
     of such voting rights as the Investors shall instruct.

          4. No Solicitation. The Shareholder (except in his or her capacity as
a director or officer of the Company and only to the extent permitted by the
Securities Purchase Agreement) agrees that, from the date of this Agreement
until the termination hereof, the Shareholder will not, directly or indirectly,
negotiate with, solicit, initiate or encourage submission of proposals or offers
from, provide information to, or otherwise knowingly take any action to
facilitate or assist, any Third Party with respect to a Competing Transaction.

          5. Capacity as Director or Officer. The Shareholder is signing this
Agreement solely in his or her capacity as the legal and beneficial owner of the
Shareholder's Ordinary Shares. Nothing in this Agreement shall be construed to
prohibit a Shareholder who is a member of the Board of Directors or an officer
of the Company or any subsidiary of the Company from taking any action or
failing to take any action in such capacity in accordance with his or her
fiduciary duties to the Company or such subsidiary or otherwise at the direction
of the board of directors of the Company or such subsidiary.

          6. Disclosure. The Shareholder hereby irrevocably agrees and consents
to the details of this Agreement being set out in any proxy statement or other
required public filing produced by the Company or the Investors in connection
with the Transaction.

          7. Time of the Essence. Any date, time or period referred to in this
Agreement shall be of the essence except to the extent to which the Investors
and the Shareholder agree in writing to vary any date, time or period, in which
event the varied date, time or period shall be of the essence.

          8. Specific Performance. The Shareholder agrees that monetary damages
would not be an adequate remedy for any loss incurred by reason of a breach of
this Agreement by the Shareholder and hereby agrees to waive the defense in any
action for specific performance that a remedy at law would be adequate.

          9. Waiver; Amendment. Each party hereto agrees and confirms that:

               a. any provision of this Agreement may be amended or waived if,
     and only if, such amendment or waiver is in writing and signed, in the case
     of an amendment, by the Shareholder and the Investors or in the case of a
     waiver, by the party against whom the waiver is to be effective; and

               b. no failure or delay by any party in exercising any right,
     power or privilege hereunder shall operate as a waiver thereof nor shall
     any single or partial exercise thereof preclude any other or further
     exercise.

<PAGE>

                                                                               5

          10. Integration. This Agreement constitutes the entire agreement among
the parties with respect to the subject matter hereof and supersedes all prior
agreements and understandings among the parties with respect thereto.

          11. Termination. This Agreement and the obligations of the parties
hereunder shall terminate upon the earliest to occur of: (a) the Shareholder
Approval having been duly obtained; (b) the Securities Purchase Agreement having
been terminated pursuant to Article IX thereof prior to the Closing Date; or (c)
the second anniversary of the date of this Agreement. Upon termination, this
Agreement will become null and void and of no effect with no liability on the
part of any party hereto, and all proxies granted hereby will be automatically
revoked; provided, however, that no such termination will relieve any party
hereto from any liability for any breach of this Agreement occurring prior to
such termination.

          12. Reliance. No representation, warranty, inducement, promise,
understanding or condition not set forth in this Agreement has been made or
relied upon by any of the parties to this Agreement. Except for the express
representations and warranties contained in this Agreement, none of the parties
hereto makes any representations or warranties, written or oral, statutory,
express or implied, concerning itself or any of its affiliates, or its or its
affiliates' respective businesses, assets or liabilities.

          13. Representations and Warranties of the Investors. Each Investor
represents and warrants to the Shareholder that this Agreement has been duly
executed and delivered by such Investor, and, assuming the due authorization (if
the Shareholder is a corporation), execution and delivery by the Shareholder,
and the due authorization, execution and delivery by the other Investors, this
Agreement constitutes the legal, valid and binding obligation of such Investor,
enforceable in accordance with its terms, except as such enforceability may be
affected by bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors' rights
generally and general equitable principles (whether considered in a proceeding
in equity or at law).

          14. Notices. All notices and other communications hereunder shall be
in writing and shall be deemed duly given (a) on the date of delivery if
delivered personally, (b) on the first business day following the date of
dispatch if delivered by a nationally recognized next-day courier service, (c)
on the fifth business day following the date of mailing if delivered by
registered or certified mail, return receipt requested, postage prepaid or (d)
if sent by facsimile transmission, when transmitted and receipt is confirmed.
All notices hereunder shall be delivered as set forth below, or pursuant to such
other instructions as may be designated in writing by the party to receive such
notice:

     If to any of the Investors, to:

              c/o The Cypress Group L.L.C.
              65 East 55th Street, 28th Floor
              New York, New York  10022
              Attn:  William L. Spiegel
              Facsimile:   (212) 705-0198

<PAGE>

                                                                               6

              with a copy to:

              Simpson Thacher & Bartlett LLP
              425 Lexington Avenue
              New York, NY 10022
              Attention:    Lee Meyerson
              Fax: (212) 455-2502

     If to the Shareholder, to the address or fax number set forth on the
signature page below the Shareholder's name.

          15. Severability. Any term or provision of this Agreement that is
invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without
rendering invalid or unenforceable the remaining terms and provisions of this
Agreement or affecting the validity or enforceability of any of the terms or
provisions of this Agreement in any other jurisdiction. If any provision of this
Agreement is so broad as to be unenforceable, the provision shall be interpreted
to be only so broad as is enforceable.

          16. Assignment; No Third-Party Beneficiaries. Neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned by
any of the parties (whether by operation of law or otherwise) without the prior
written consent of the other party, except that each Investor may assign,
delegate or otherwise transfer any of its rights, interests or obligations under
this Agreement to an affiliate of such Investor without the consent of the
Shareholder, and the Shareholder may Transfer Ordinary Shares or Options in
accordance with Section 2 hereof without the consent of the Investors. This
Agreement shall be binding upon and shall inure to the benefit of the parties
and their respective successors and permitted assigns. Notwithstanding anything
contained in this Agreement to the contrary, nothing in this Agreement,
expressed or implied, is intended to confer on any person other than the parties
or their respective successors and assigns any rights, remedies, obligations or
liabilities under or by reason of this Agreement.

          17. Governing Law; Consent to Jurisdiction and Services of Process;
Waiver of Jury Trial.

               (a) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

               (b) Each party to this Agreement hereby irrevocably and
unconditionally, with respect to any matter or dispute arising under, or in
connection with, this Agreement:

               (i) submits for itself and its property in any Action relating to
          this Agreement, or for recognition and enforcement of any judgment in
          respect thereof, to the exclusive general jurisdiction of the courts
          of the State of New York, the courts of the United States of America
          for the Southern District of New York, and appellate courts from any
          thereof (and covenants not to commence any Action in any other venue
          or jurisdiction);

<PAGE>

                                                                               7

               (ii) consents that any such Action may be brought in such courts
          and waives any objection that it may now or hereafter have to the
          venue of any such Action in any such court or that such Action was
          brought in an inconvenient court and agrees not to plead or claim the
          same;

               (iii) agrees that service of process in any such Action will be
          in accordance with the Laws of the State of New York;

               (iv) waives in connection with any such Action any and all rights
          to a jury trial; and

               (v) agrees that nothing herein shall affect the right to effect
          service of process in any other manner permitted by Law.

          18. Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall contribute one and the same instrument. Delivery of an executed
counterpart of a signature page to this Agreement by facsimile shall be
effective as delivery of a manually executed counterpart of this Agreement.

          19. Covenants of the Company. The Company hereby agrees to take all of
the actions required under Sections 6.9 and 6.10 of the Securities Purchase
Agreement. The Company agrees and covenants that it shall not, and shall direct
its transfer agent not to, register the transfer of any Ordinary Shares or
Additional Ordinary Shares except in accordance with the provisions of Section
2.

<PAGE>

          This Voting Agreement has been agreed and accepted by each of the
undersigned this 15th day of October, 2004.

                                       Pacific Life Insurance Company

                                       By: /s/ Khanh T. Tran
                                           -------------------------------------
                                           Name:    Khanh T. Tran
                                           Address: 700 Newport Center Drive
                                                    Newport Beach, CA 92660
                                           Fax:     (949) 219-3706

                                       By: /s/ Audrey L. Milfs
                                           -------------------------------------
                                           Name:    Audrey L. Milfs
                                           Address: 700 Newport Center Drive
                                                    Newport Beach, CA 92660
                                           Fax:     (949) 219-3706

Accepted and Agreed:

SCOTTISH RE GROUP LIMITED

By: /s/ Paul Goldean
    ------------------------------------
    Name:  Paul Goldean
    Title: Executive Vice President and
           General Counsel

                Voting Agreement - Pacific Life Insurance Company

<PAGE>

Accepted and Agreed:

CYPRESS MERCHANT B PARTNERS
II (CAYMAN) L.P.

 By:   Cypress Associates II (Cayman) L.P., its general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  /s/ Jeffrey P. Hughes
                   --------------------------
                   Name:  Jeffrey P. Hughes
                   Title: Director

CYPRESS MERCHANT BANKING II-A C.V.

 By:   Cypress Associates II (Cayman) L.P., its managing
       general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  /s/ Jeffrey P. Hughes
                   --------------------------
                   Name:  Jeffrey P. Hughes
                   Title: Director

CYPRESS SIDE-BY-SIDE (CAYMAN) L.P.

 By:   Cypress Associates II (Cayman) L.P., its general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  /s/ Jeffrey P. Hughes
                   --------------------------
                   Name:  Jeffrey P. Hughes
                   Title: Director

55TH STREET PARTNERS II (CAYMAN) L.P.

 By:   Cypress Associates II (Cayman) L.P., its general partner

        By:   CMBP II (Cayman) Ltd., its general partner

              By:  /s/ Jeffrey P. Hughes
                   --------------------------
                   Name:  Jeffrey P. Hughes
                   Title: Director

                Voting Agreement - Pacific Life Insurance Company

<PAGE>

                                                                         Annex I

Shareholder Name                        Number of Ordinary Shares
----------------                        -------------------------

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