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Life Reinsurer Cuts Losses

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Annuity and Life Re (Holdings) Ltd. came closer to breaking even in the second quarter.[@@]

Annuity & Life Re, Hamilton, Bermuda, has been struggling to overcome problems with some of its major reinsurance arrangements in recent years by getting out of some of the arrangements that have produced the worst results.

The company is reporting $539,968 in net losses for the latest quarter on $4.5 million in revenue for the latest quarter, compared with $6.4 million in net losses on $16 million in revenue for the second quarter of 2004.

The company ended the quarter with $238 million in assets, including $34 million in cash.

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