HAMILTON, Bermuda–(BUSINESS WIRE)–#bermuda–777 Re Ltd (“777 Re”), a newly formed Bermuda-based reinsurance company, has announced the completion of a $307 million annuity block reinsurance transaction with a 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. Additional terms of the transaction are not being disclosed.
This is the inaugural transaction for the reinsurer which was recently created by Miami-based investment firm, 777 Partners. 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 customized 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.”
“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,” said Joshua Wander, Managing Partner at 777 Partners.
About 777 Re
777 Re was founded in 2019 with capital led by 777 Partners. Headquartered in Hamilton, Bermuda, 777 Re acquires both active and run-off blocks of life insurance and annuity business underwritten by global insurance companies. 777 Re provides superior reinsurance services to its strategic partners, leveraging deep relationships within the financial services and insurance industries. 777 Re capitalizes on its strong financial backing to offer attractive terms to its clients. For more information on 777 Re, visit https://777re.com.
About 777 Partners
777 Partners is a Miami-based investment firm focused on a broad spectrum of financial services businesses across insurance, lending, specialty finance, and financial technology. Operating in attractive markets and often times esoteric asset classes, 777 seeks to make control investments across the business life cycle in companies with scalable profiles and ambitious management teams. 777 Partners senior management team is composed of industry veterans with backgrounds in private equity, venture capital, investment banking, insurance, financial technology, actuarial science, asset management, structured-credit, ABS, risk, analytics, complex commercial litigation and computer science. For more information on 777 Partners, visit www.777part.com.