NU Online News Service, Oct. 26, 1:13 p.m. – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, a 3-year-old life reinsurer with $2.3 billion in assets, is reporting a $39 million net loss for the third quarter on $98 million in revenue, compared with $11 million in net income on $69 million in revenue for the third quarter of 2000.
The results include $12 million in costs related to the Sept. 11 attacks, but they also include a $10 million charge due to higher-than-expected death rates on a life reinsurance contract written in 1998, and a $25 million write-down of deferred acquisition costs for the annuity business, Annuity and Life says.
"With respected to the write off of deferred acquisition costs, management intends to pursue a appropriate action to cover damages from the ceding company," Annuity and Life says.
