Long-distance telecommunications provider TeleBermuda International Ltd. on Friday announced it had broken off negotiations to sell its undersea fibre-optic cable to Global Crossing.

TeleBermuda International completed its cable between Bermuda and the US to compete with Cable & Wireless last year. Bermuda-based Global Crossing is in the process of building a worldwide network of undersea cable to provide services to telephone companies.

TeleBermuda is a wholly-owned subsidiary of GlobeNet Communicaitns Group Ltd., a holding company set up to advance the company's worldwide ambitions.

"GlobeNet will proceed independently with its plans to expand the company's network facilities and operations in support of its mandate to develop Bermuda as the major telecommunications and information hub in the Atlantic region,'' a press release stated.

`SIGNIFICANT' TRANSACTION COMPLETE BUC `Significant' transaction completed Bermuda-based Annuity & Life Re on Friday announced it had completed a "significant'' life reinsurance transaction with one of the top ten insurers in the US. The company was not named in the announcement.

"The transaction is estimated to develop annual gross premiums of $59 million and net retained premium of $40 million,'' the company stated.

Annuity Re started up this year with a public offering in April which raised about $356.4 million. The company is targeting the annuity and life reinsurance initially in the North American market.