777 Re formed on Bermuda; targets annuity and long-term life business
A new reinsurer has formed on Bermuda focused on acquiring active and run-off blocks of annuity business and other forms of long-term life insurance liabilities.
777 Re has been created by Miami-based investment firm 777 Partners. Upon formation, it completed a $307 million annuity block reinsurance transaction with an undisclosed US-based insurance company.
Under the agreement, the direct writer will continue to service and administer the policies. The transaction has an effective date of April 1, 2019.
“This transaction marks a significant beginning for 777 Re as an emerging provider of customised and innovative reinsurance solutions to the life insurance and annuity industry,” said Will Rinehimer, CEO of 777 Re. “We look forward to working with our new business partner and many others as we grow.”
Jorge Beruff, principal at 777 Partners, said: “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.”
Joshua Wander, managing partner at 777 Partners, added: “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.”