HAMILTON, BERMUDA – 777 Re Ltd (“777 Re”), a Bermuda-based reinsurance company, has announced the completion of two reinsurance transactions with US based insurance companies.
Under the agreements, the direct writers will continue to service and administer the policies. The transactions will cover a quota share of newly written fixed index annuity (“FIA”) policies. Additional terms of the transactions are not being disclosed.
Principal protection and growth potential over a wide range of possible future financial conditions are fundamental features of these FIA products. Policyholders may choose from a number of crediting strategies to create a custom plan that aligns with their retirement goals whilst protecting their principal from market downturns.
“777 Re is pleased to complete these agreements supporting our partners’ goals whilst maintaining our underwriting discipline in a challenging interest rate environment.” said Will Rinehimer, CEO of 777 Re. “With these most recent transactions, 777 Re is demonstrating our intended flexibility to support both in force and flow business across various product types.”
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://www.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