Newly established Bermuda-based reinsurer, 777 Re Ltd., has completed a $307 million annuity block reinsurance transaction with a U.S. insurer.
777 Re is headquartered in Hamilton, Bermuda and was founded with capital led by Miami-based investment firm, 777 Partners. The reinsurer acquires both active and run-off blocks of life insurance and annuity business.
Under its first reinsurance agreement, the direct writer of the policies will continue to service and administer the policies. The annuity reinsurance transaction has an effective date of April 1st, 2019, additional terms of the agreement are not being disclosed.
As well as acquiring both active and run-off blocks of annuity business, 777 Re acquires business across the full-suite of long-term life insurance liabilities.
777 Re’s Chief Executive Officer (CEO), Will Rinehimer, commented: “This transaction marks a significant beginning for 777 Re as an emerging provider of customized and innovative reinsurance solutions to the life insurance and annuity industry. We look forward to working with our new business partner and many others as we grow.
Jorge Beruff, Principal at 777 Partners, added: “We are excited about the launch of our new reinsurance venture and the completion of our first transaction. Will and his management team have positioned the company for robust growth in the years to come.”
While Joshua Wander, Managing Partner at 777 Partners, said: “Our investment in 777 Re and this resulting transaction underscore our strong commitment to building a measured but meaningful liability driven business across our insurance companies and reflect 777 Partners’ core principle of strict adherence to underwriting prudence across each of our businesses.”