Annuity and Life Re Stops Writing New Business
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Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says it has stopped writing new reinsurance business and will refuse to accept any new business under existing treaties under current terms.
The reinsurer also says that it expects to report a “significant loss” for the fourth quarter of 2002, and that it has had trouble finding the credit and other collateral it needs to support its business.
The company suffered a loss during the latest quarter in part because mortality has been worse than expected and the company has received a “large number of open claim submissions that [do] not fit historical or expected patterns,” Annuity and Life Re says.