Offshore reinsurance: Rising popularity. Rising risk?
March 19, 2025 by John Hilton
Resolution Life recently announced one of the largest Bermuda reinsurance deals to date: a $9.7 billion portfolio ceded by Protective Life Corp.
The transaction includes blocks of in-force structured settlement annuities and secondary guarantee universal life business, Resolution Life said in a March 7 news release. Under the agreement, Protective retains administration of the policies.
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“The U.S. Department of Justice issued criminal subpoenas to employees of 777 Partners as part of a money laundering investigation. Additionally, the firm has been accused of financial misconduct, including fraud and unpaid debts. Subsidiary 777 Re is based in Bermuda and had reinsurance agreements with several U.S. life insurance companies.”
-sjm
