Annuity & Life Re becomes penny stock, stops writing new business

Annuity & Life Re shares collapsed to penny stock status on February 25 – the days after the firm announced it had ceased writing new business and was expecting “significant losses” for the fourth quarter.
Its shares closed at 76 cents, compared with $18 per share only seven months ago and $35 per share 11 months before that. The company went public in April, 1998 at $15 per share.