SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) September 7, 1999
ANNUITY AND LIFE RE (HOLDINGS), LTD.
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(Exact name of registrant as specified in its charter)
Bermuda 0-23625 Not Applicable
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Cumberland House, Victoria Street, Hamilton, Bermuda HM 11
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (441) 296-7667
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Not Applicable
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(Former name or former address, if changed since last report)
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Item 5. Other Information
On September 7, 1999, Annuity and Life Re America, Inc. ("Annuity and Life
Re America"), a subsidiary of Annuity and Life Re (Holdings), Ltd., agreed to
acquire Capitol Bankers Life Insurance Company, a Michigan stock life insurance
company, from Life Reassurance Corporation of America for approximately $9
million in cash.
In connection with the acquisition, Life Re will enter into an
administrative reinsurance agreement whereby it will agree to reinsure 100% of,
and to provide administrative services for, Capitol Bankers' in force life
insurance policies.
Annuity and Life Re America has appointed Bryan J. Featherstone as its
President and Chief Executive officer.
A copy of the related press release is attached hereto and incorporated
herein by reference.
Item 7. Financial Statements and Exhibits
99.1 Press Release dated September 9, 1999.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: September 14, 1999
ANNUITY AND LIFE RE (HOLDINGS), LTD.
(Registrant)
By: /s/ Lawrence S. Doyle
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Lawrence S. Doyle
President and Chief Executive Officer
Principal Officer
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EXHIBIT INDEX
99.1 Press Release dated September 9, 1999.
Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT: Lawrence S. Doyle
William W. Atkin
Annuity & Life Re (Holdings), Ltd.
441-296-7667
ANNUITY & LIFE RE ANNOUNCES AGREEMENT TO ACQUIRE CAPITOL BANKERS LIFE INSURANCE
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COMPANY
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HAMILTON, BERMUDA, SEPTEMBER 9, 1999, 1:00 PM, EST - Annuity & Life Re
(Holdings), Ltd. (NASDAQ: ALRE) today reported that its wholly owned subsidiary,
Annuity & Life Re America, Inc., has signed an agreement to acquire Capitol
Bankers Life Insurance Company from Life Reassurance Corporation of America for
approximately $9 million in cash, subject to regulatory approval.
Prior to the closing of the transaction, Life Reassurance and Capitol Bankers
will enter into an administrative reinsurance agreement whereby Life Reassurance
will assume 100% of Capitol Bankers' inforce business.
Annuity & Life Re (Holdings), Ltd. also announces that it has appointed Bryan
Featherstone as the President and Chief Executive Officer of its U.S. holding
company, Annuity & Life Re America. Prior to this appointment, Mr. Featherstone
was Executive Vice President and Chief Actuary at Life Reassurance Corporation
of America and has 24 years experience in the life insurance industry.
Lawrence S. Doyle, Chief Executive Officer of Annuity & Life Re (Holdings), Ltd.
stated, "The administrative service capability of Life Reassurance will meet the
long term needs of our policyholders, while this company focuses its future
development in the reinsurance sector. We are very pleased to have Bryan
Featherstone join our organization as his extensive experience in the U.S. will
augment our growth strategy."
