Troubled Bermuda-based life reinsurer Annuity and Life Re (Holdings), Ltd. yesterday announced that it has been warned it will be delisted from the New York Stock Exchange if its share prices does not improve.

Annuity said it had received a notice from the New York Stock Exchange dated April 8, stating that the company did not satisfy the NYSE's continued listing standards as of that date because the average closing price of the Company's common shares had been below $1 for a 30 consecutive trading day period.

“If the Company cannot achieve a $1 average share price for 30 consecutive trading days within six months of the receipt of this notification, the NYSE has indicated that it will commence suspension and delisting procedures with respect to the Company's common shares,” the company said.

Annuity also said the NYSE is also reviewing whether it meets “certain of the NYSE's qualitative continued listing standards due to concerns over the Company's financial condition”.

Annuity's shares fell seven cents to 70 cents on the news in late afternoon trading. A year ago, its shares were trading at $21.15.

The company announced earlier this month that it made large losses for the fourth quarter and full year 2002 as it paid out more money than expected reinsuring life insurance policies and variable annuities.

The company reported a loss of $99.8 million for the fourth quarter and a loss of $127.8 million for the full year.

In February, Annuity and Life Re stopped writing new policies and said it would not pay a common share dividend in the first quarter of 2003.