NU Online News Service, April 22, 2004, 7:15 p.m. EDT – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, wants to hire Marcum & Kliegman L.L.P., Woodbury, N.Y., to replace KPMG as its new auditing firm.[@@]
The appointment is subject to shareholder approval.
Marcum was founded in 1951 and has 26 partners.
Annuity and Life Re, a life reinsurer, has faced heavy losses in recent years and has had to restate its earnings several times. But Jay Burke, the company’s chief executive, suggested in March that rising interest rates and the renewal of a key letter of credit could help the company get its operations back on track.
“We are very pleased with the engagement of Marcum & Kliegman and believe this represents additional progress toward stabilizing our company,” Burke says in a statement.
KPMG warned March 30 that it had decided not to seek re-election as Annuity and Life Re’s auditing firm.