SOURCE: Annuity and Life Re (Holdings), Ltd.

February 29, 2008 17:00 ET

Annuity & Life Re Announces Closing of Sale of Annuity & Life Reassurance America, Inc.

HAMILTON, BERMUDA--(Marketwire - February 29, 2008) - Annuity and Life Re (Holdings), Ltd. (the "Company") (PINKSHEETS: ANNRF) today announced that it has closed on the sale of its indirect, wholly owned subsidiary, Annuity & Life Reassurance America, Inc.

The Company announced the sale August 8, 2007. The sale was approved by the Connecticut Department of Insurance in mid-February. In conjunction with the closing, Annuity and Life Reassurance America, Inc. paid a dividend of $300,000 to its direct parent, Annuity & Life Re America, Inc. (the "Seller") and the Seller received proceeds from the buyer of $11,058,716. This amount is subject to possible closing date balance sheet adjustments within ten business days following the sale transaction. The Company will use a portion of the proceeds to pay transaction costs related to the sale. (For additional information, please refer to Note 6 of the September 30, 2007 financial statements.)

Annuity and Life Re (Holdings), Ltd. provided annuity and life reinsurance to insurers through its wholly owned subsidiaries, Annuity and Life Reassurance, Ltd. and Annuity and Life Reassurance America, Inc.

This press release and the Company's financial statements are available from the Company's website at www.alre.bm.

Contact Information

  • CONTACT:
    John Lockwood
    Annuity & Life Re (Holdings), Ltd.
    441.296.7667