Bermuda-based Annuity & Life Re Holdings Ltd. has received another $36.1 million injection of cash from its original investors.

The investors also purchased $79.5 million worth of common shares and warrants, which along with the money raised from Annuity's initial public offering, brings the company's war chest up to $356.4 million.

The public offering closed April 15. The investors, which underwrote the original public offering, include Bermuda-based Exel Ltd., The Prudential Insurance Co. of America, Risk Capital Reinsurance Co., Insurance Partners, L.P. and Insurance Partners Offshore (Bermdua), L.P.

The money will be used to capitalise the company's operating subsidiary, Annuity and Life Reassurance Ltd. The company hopes to target annuity and life reinsurance initially in the North American market.

Rating agency A.M. Best has assigned the company's wholly-owned subsidiary Annuity Reassurance a preliminary rating of "A-'' (Excellent). Duff & Phelps Credit Rating Co. has assigned the company a preliminary claims paying ability of "A''.

Annuity states it will begin business with ten employees. Marsh & McLennan Management Services (Bermuda) Ltd. will provide claims processing and administrative services. The company intends to keep costs down by focusing on large blocks of business, rather than on going after a larger number of policies. Annuity Re will also limit the maximum aggregate risk on any one life to $1 million and require the purchaser to retain at least ten percent of the risk.