A new, Bermuda-based reinsurer, 777 Re Ltd. , says it has completed its first reinsurance transaction.
The reinsurer will reinsure a $307 million annuity block for a “U.S.-based insurance company,” 777 Re said.
The company that wrote the annuities will continue to service and administer the annuities, 777 Re said.
The reinsurer declined to provide any more details about the deal.
Managers said the company is looking for opportunities to reinsure active blocks of annuity business, blocks in run-off mode, and all types of life insurance liabilities.