NU Online News Service, July 7, 2004, 11:04 a.m. EDT
Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says it has agreed to settle a long-running dispute with Transamerica over a money-losing reinsurance treaty.[@@]
The settlement with Transamerica, which is a U.S. unit of AEGON N.V., The Hague, Netherlands, will resolve “all disputes relating to the current arbitration proceedings between the 2 parties,” Annuity and Life Re says in a statement.
Annuity and Life Re has agreed to make $8.7 million in payments due under its reinsurance treaty with Transamerica, and Transamerica has agreed to offset $5 million of the amount that Annuity and Life Re owed Transamerica in October 2003, Annuity and Life Re says.