The directors of Annuity and Life Re (Holdings) Ltd. say they have executed an amalgamation agreement with Pope Ltd. and with Pope Ltd.’s sole shareholder.

The sole shareholder of Pope Ltd. is Pope Investments II LL.C., an affiliate of Pope Asset Management L.L.C., Memphis, Tenn.

The deal is subject to approval by the shareholders of Annuity and Life Re, Hamilton, Bermuda.

The shareholders could end up getting a price of about 43 cents to 44 cents per share, Annuity and Life Re estimates.