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March 23, 2007 at 03:13 PM
Annuity and Life Re (Holdings) Ltd. says in its latest earnings announcement that it is in talks to sell its U.S.-domiciled insurance company.
Annuity & Life, Hamilton, Bermuda, is reporting a net gain of $82,171 for the fourth quarter of 2006 on $119 million in assets, compared with a net loss of $15 million on $162 million in assets for the fourth quarter of 2005.
The company suspended most operations at the end of 2005 because of poor performance, and now no longer reports quarterly revenue figures.
The company’s annual revenue fell to $1.2 million in 2006, from $18 million in 2005.
Annuity & Life continues to be involved in arbitration hearings concerning the novation of some reinsurance contracts, the company says.
Marcum & Kliegman L.L.P., Melville, N.Y., the company’s accounting firm, notes in its independent auditor’s report that Annuity & Life Re is continuing to operate due to regulatory requirements and other ongoing commitments.
In the future, “the company’s board of directors may determine that it is in the company’s best interest to cease all operations and adopt a plan of liquidation,” the firm says.
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