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.
A team led by Will Rinehimer started 777 Re with funding from 777 Partners LLC of Miami — a company that’s been active in the litigation finance, consumer lending and structured settlement buyout markets.
Will Rinehimer, the new reinsurer’s chief executive officer and chief financial officer, holds the Fellow of the Society of Actuaries professional designation.
He previously was the president of Front Street Re, an arm of FGL Holdings, the company that now controls Fidelity & Guaranty Life Insurance Company.
He has also been the chief financial officer and chief actuary at Northstar Financial Services and the president of Ace Tempest Life Reinsurance.
— Read Reinsurers Have Traded $60 Billion in Longevity Risk: Rating Agency, on ThinkAdvisor.