million in capital to begin writing reinsurance on annuity and life insurance policies worldwide.

The reinsurance will be offered through wholly-owned subsidiary Annuity Reassurance. The independent company, headed by former Global Capital Re chief executive officer Larry Doyle, will be classified as a long term insurance company.

Mr. Doyle said that if the financing arrangements were successful the company would be the first of its kind on the Island. Mr. Doyle's former company, Global Capital, was sold last year to Bermuda insurer Exel Ltd., whose chief executive officer Brian O'Hara sits on the board of Annuity & Life.

The fledgling company has filed documents with the US Security and Exchange Commission for an initial public offering of about 19 million shares to raise a maximum of $308 million. The offering is being managed by Prudential Securities and Merrill Lynch Global Securities. According to AM Best about 25 companies compete in the reinsurance sector of the life and health industry, with the four largest controlling about half the market.