cash dividend of four cents per share on the corporation's common shares. The dividend will be payable December 3, 1998 to shareholders of record on November 19, 1998.

Bermuda-registered Annuity and Life Re (Holdings), Ltd. provides annuity and life reinsurance to insurers through its wholly owned subsidiary, Annuity and Life Reassurance, Ltd.

Annuity Re shares fell 50 cents to $23.38 in trading in New York on Friday.