NEW BERMUDIAN LIFE REINSURER COMPLETES FIRST DEAL

Newly established reinsurer 777 Re Ltd has completed its first transaction, a $307m annuity block reinsurance deal with a US based insurance company. The Hamilton, Bermuda-based reinsurer was launched by Miami-based investment firm, 777 Partners, to acquire active and run-off blocks of annuity and life insurance business. “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 said in a statement last week.