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Annuity & Life Reports Lower 1st Quarter Net

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NU Online News Service, April 23, 6:02 p.m. – Annuity & Life Re (Holdings) Ltd., Hamilton, Bermuda, is reporting $8.2 million in net income for the first quarter on $106 million in revenue, compared with $12 million in net income on $80 million in revenue for the first quarter of 2001.

Annuity & Life originally hoped to reinsure both life insurance policies and annuities, but it has pulled back from the annuity market because of serious problems with one large annuity contract.