NU Online News Service, Aug. 7, 2003, 4:34 p.m. EDT – Annuity and Life Re (Holdings) Ltd., Hamilton, Bermuda, says reinsurance customers have recaptured a large contract that reinsured guaranteed minimum death benefits sold with annuities.
Another customer, XL Life Ltd., Hamilton, is talking to Annuity & Life about recapturing four life reinsurance contracts ceded on a 50% quota share basis at the end of 2002, Annuity & Life says.
Annuity & Life expects to record a charge of about $20 million in connection with the recapture of the annuity reinsurance contract, and the struggling reinsurer says it may have to record more than $20 million in additional charges once XL Life takes back the four XL Life life reinsurance contracts.
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