An investment firm has completed previously announced efforts to acquire control over a Bermuda life reinsurer.
Pope Ltd., an arm of an affiliate of Pope Asset Management L.L.C., Memphis, Tenn., has “amalgamated” Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda. Shareholders will get 44.580421 cents per common share, Annuity & Life Re says.
Annuity & Life Re and Pope Ltd. announced the amalgamation agreement earlier this year.
William Wells, president of Pope Asset Management, is now president of tAnnuity & Life Re, and Casey McCandless, vice president of Pope Asset Management, is the executive vice president, according to Annuity & Life Re.
Reports filed with the U.S. Securities and Exchange Commission show that many of Pope Asset Management’s investments are in companies with strong ties to China. The company also has invested in Singapore Reinsurance Npv.