NU Online News Service, Sept. 12, 2:18 p.m. – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says Lawrence Doyle, its president, is retiring and resigning from its board.
The company also says it has hired Morgan Stanley, New York, to help it raise capital to secure an unsecured letter of credit from Citibank N.A., New York.
Citibank, a unit of Citigroup Inc., told Annuity and Life it has to secure the facility by Oct. 31 to keep it in force. If Annuity and Life fails to come up with the capital to secure the facility, the facility will expire Dec. 31, Annuity and Life says.
“We expect to find a solution that is satisfactory to both parties,” Jay Burke, Annuity and Life’s chief financial officer, said in a statement about the Citibank negotiations.
Annuity and Life has hired a search firm to replace Doyle. Frederick Hammer, the chairman of the company’s board, and Robert Lichten, the deputy chairman, will run the company while the search is under way.