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Annuity and Life Re (Holdings), Ltd.: Annuity & Life Re First Quarter 2009 Earnings Report

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^{Published in Business and Finance on Tuesday, April 14th 2009 at 14:07 GMT, Last Modified on 2009-04-14 14:07:53 by Market Wire}  

HAMILTON, BERMUDA--(Marketwire - April 14, 2009) - Annuity and Life Re (Holdings), Ltd. (PINKSHEETS: [ ANNRF ]) today reported financial results for the three months ended March 31, 2009. The Company reported a net loss of $(175,400) or $(.01) per fully diluted share for the three months ended March 31, 2009, as compared to a net loss of $(79,213) or $.00 per fully diluted share for the three months ended March 31, 2008.

Net realized investment gains for the three months ended March 31, 2009 were $205,498, as compared with net realized investment gains of $0 for the three months ended March 31, 2008.

Gross unrealized gains on the Company's investments were $0 as of March 31, 2009, as compared to gross unrealized gains of $212,325 as of December 31, 2008. The Company's fixed income investments have all been liquidated. Cash used by operations for the three months ended March 31, 2009 was $(936,598), compared to cash used by operations of $(16,847,599) for the three months ended March 31, 2008.

The Company continues to explore strategic alternatives to maximize its economic value for shareholders. The Company is in discussions with a third party regarding the possible sale of the Company. Any such sale would be presented to shareholders for their approval.

Annuity and Life Re (Holdings), Ltd. provides annuity and life reinsurance to insurers through its wholly owned subsidiary, Annuity and Life Reassurance, Ltd. This press release and the Company's financial statements are available from the Company's website at [ www.alre.bm ].