Scott & Scott and Milberg Weiss Announce Proposed Settlement of a Securities Class Action Lawsuit

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New York, March 15: : In the United States District Court for the District of Connecticut, in Schnall, et al. v. Annuity and Life Re (Holdings), Ltd., et al., Civil Action No. 02 CV 2133 (EBB), a summary notice has been issued as follows:

Summary Notice of Proposed Settlement of Class Action with Remaining Defendant KPMG Bermuda and Settlement Hearing

To: all persons and entities who purchased or otherwise acquired the securities of Annuity and Life Re (Holdings), Ltd. ("ANR") during the period between March 15, 2000 and November 19, 2002, inclusive, and were damaged thereby (the "Class").

YOU ARE HEREBY NOTIFIED, pursuant to Rule 23 of the Federal Rules of Civil Procedure and an Order of the Court, that the above-captioned action has been certified as a class action for settlement purposes only and that a $10.5 million cash settlement ("KPMG Settlement") has been proposed with the sole remaining defendant, KPMG Bermuda, ANR's outside accountant during the Class Period.

A hearing will be held before the Honorable Ellen Bree Burns in the United States Courthouse, 141 Church Street, New Haven, Connecticut 06510, at 10:00 a.m. on June 5, 2008 to determine whether the proposed settlement should be approved by the Court as fair, reasonable, and adequate, and to consider the application of Plaintiffs' Counsel for attorneys' fees and reimbursement of expenses.

This KPMG Settlement is in addition to a prior $16.5 million settlement with ANR, XL Capital, Ltd. and certain of ANR's officers and directors, which was approved by the Court on January 21, 2005.

IF YOU ARE A MEMBER OF THE CLASS DESCRIBED ABOVE, YOUR RIGHTS WILL BE AFFECTED AND YOU MAY BE ENTITLED TO SHARE IN THE SETTLEMENT FUND. If you have not yet received the full printed Notice of Proposed Settlement of Class Action with Remaining Defendant KPMG Bermuda, Motion for Attorneys' Fees and Settlement Fairness Hearing (the "KPMG Settlement Notice"), you may obtain a copy by contacting:

Annuity and Life Re (Holdings), Ltd. Securities Litigation

c/o The Garden City Group, Inc.

Claims Administrator

Post Office Box 9254

Dublin, OH 43017-4654

(800) 298-3208

www.gardencitygroup.com

Inquiries, other than requests for the forms of the KPMG Settlement Notice and the Proof of Claim, may be made to Plaintiffs' Co-Lead Counsel:

David R. Scott, Esq.

Scott + Scott LLP

108 Norwich Avenue

P.O. Box 192

Colchester, CT 06415

Telephone: (860) 537-5537

Barry A. Weprin, Esq.

Milberg Weiss LLP

One Pennsylvania Plaza

New York, NY 10119-0165

Telephone: (212) 594-5300