NU Online News Service, Jan. 2, 1:01 p.m. – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says a subsidiary has transferred responsibility for $25 billion of the $150 billion of life insurance and annuity reinsurance it has sold to a unit of XL Capital Ltd., Hamilton.
Annuity and Life transferred four blocks to the XL unit through a 50% quota share reinsurance contract and a fifth block through another contract.
XL will get an extra $5 million payment if, during the next 18 months, Annuity and Life gets at least $35 million in new capital funding and its stock starts selling for more than $5 per share, Annuity and Life says.