New Bermuda reinsurer 777 Re sets up on island; discloses first $307m annuity deal

777 Re, a newly formed Bermuda-based reinsurance company, has completed a $307 million annuity block reinsurance transaction with an undisclosed US-based insurance company.

This is the first transaction for the reinsurer which was recently created by Miami-based investment firm 777 Partners.

Under the agreement, the direct writer will continue to service and administer the policies. The transaction has an effective date of April 1, 2019.

In addition to acquiring both active and run-off blocks of annuity business, 777 Re acquires business across the full suite of long-term life insurance liabilities.

“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.”