The directors of Annuity and Life Re (Holdings) Ltd. are exploring “strategic alternatives,” the company says.

Annuity and Life Re, Hamilton, Bermuda, is reporting a $17 million net loss for the fourth quarter of 2007 on negligible revenue, compared with $82,171 in net income on $52,460 in net investment losses for the fourth quarter of 2006.

Annuity & Life Re, a life reinsurer that has ceased active marketing of reinsurance, is reporting no revenue from premiums.

In February, the company settled a legal dispute with another reinsurer, and it sold its U.S. operating subsidiary to Heritage Union L.L.C., Richmond, Va., for about $11 million.