Newly formed 777 Re strikes two reinsurance transactions

777 Re, a  newly formed Bermuda-based reinsurance company, has completed 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.

777 Re said the 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.”