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Return to black for Annuity & Life.
(From Reinsurance)
Troubled reinsurer Annuity & Life Re is predicting that it is on track to recover from its financial difficulties and post a profit in 2004.
The Bermuda-based company made a $128.9m loss in 2002 and stopped writing new business in February this year. It also transferred five blocks of life reinsurance to fellow Bermudian XL Life in an effort to reduce its year-end collateral requirements.
It has since undergone a substantial cost-cutting programme, slashing staff levels by ...
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