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Annuity And Life To Report 4th Quarter Loss

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NU Online News Service, April 1, 2003, 11:58 a.m. EST – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, estimates that it will report $103 million in losses for the fourth quarter of 2002 and $132 million in losses for all of 2002.

The losses are due in part to an unexpected increase in death claims, Annuity and Life says.

Other causes include the novation of life reinsurance contracts to another reinsurer, increases in reserves for guarantees associated with variable annuity contracts and efforts to terminate and recapture certain reinsurance agreements, Annuity and Life says.

The company says it hopes to release full information about its fourth-quarter results by April 7.


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