Financially troubled Bermuda-based Annuity and Life Re (Holdings), Ltd. will see its last day of trading on the New York Stock Exchange tomorrow, after the stock market announced its delisting.

In a Press statement released last night, the beleagured life reinsurer ? the first to open for business on the Island ? announced that the New York Stock Exchange (NYSE) had decided that Annuity's shares would be suspended before the market opened on Friday morning because the company is in breach of continued listing regulations.

ANR said it had advised the NYSE that it will not challenge the action which was not unexpected after the NYSE announced in months past that it could take this action after "qualitative and quantitative" concerns including the company's shares trading for a prolonged period at below $1.

Although the company had addressed some of its woes by recently inking a pivotal settlement with Transamerica accounting for a significant portion of its assets, as well as it settling a shareholder dispute, it appears not to have been enough to save the company from this fate.

Last night CEO Jay Burke told "We were not surprised, but we were optimistic that some of the things we had got done might make a difference."

He said the company had not yet reached any conclusion on whether or not it would try to list on another exchange but will, in the meantime, have its shares quoted on the over-the-counter (OTC) Bulletin Board commonly referred to as the Pink Sheets.

The NYSE's application to the US Securities and Exchange Commission (SEC) to delist ANR's common shares was said to be"pending the completion of applicable procedures".

As for the impact of this development, Mr. Burke said: "The operation itself is not impacted by what exchange we are traded on but it does change our methods of accessing capital."