777 Re Ltd, a newly formed Bermuda-based reinsurance company, announced that it has completed a $307 million annuity block reinsurance transaction with a U.S.-based insurance company.
Under the agreement, according to 777 Re, which is headquartered in Hamilton, Bermuda, the direct writer will continue to service and administer the policies. The transaction had an effective date of April 1, 2019. 777 Re did not disclose additional terms of the transaction.
This is the inaugural transaction for 777 Re, which was founded in 2019 by Miami-based investment firm 777 Partners. 777 Re acquires both active and run-off blocks of life insurance and annuity business underwritten by global insurance companies.
“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,” said Will Rinehimer, the chief executive officer of 777 Re. “We look forward to working with our new business partner and many others as we grow.”
“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,” said Jorge Beruff, principal at 777 Partners.
“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,” added Joshua Wander, managing partner at 777 Partners.
Learn more: https://777re.com; www.777part.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].