Annuity and Life Re (Holdings), Ltd. has announced that the Connecticut Insurance Department has approved the sale of its subsidiary, Annuity & Life Reassurance, America, Inc.

The Bermuda-based company announced the sale on August 8, 2007. The consummation of the transaction was subject to certain closing conditions, including the receipt of the approval by the Connecticut Department of Insurance.

As a result of this approval, the parties now expect the transaction to close no later than April 1, 2008.

Annuity and Life Re (Holdings), Ltd. provided annuity and life reinsurance to insurers through its wholly owned subsidiaries, Annuity and Life Reassurance, Ltd. and Annuity and Life Reassurance America, Inc.