Writing in the Washington Post, Mary Williams Walsh, the managing editor of News Items, an independent daily newsletter, refers to how the investigative work of outlets like Josimar has shone a bright light on “the secretive but influential world of Bermuda reinsurance,” a world in which prospective buyers in Everton, 777 Partners, are one of the biggest players.
“Just a glimpse is enough to raise concerns about the retirement security of millions of Americans. Countless Americans now depend on the skill and dedication of the Bermuda Monetary Authority, and they don’t even know it.
“Indeed, hardly anyone would know it if it weren’t for soccer fans and journalists who wanted to figure out how a certain private investment company in Miami could afford to buy Everton, a Premier League soccer club in Liverpool.
“Want to follow the money? You can’t. In the United States, a retiree researching annuities can get a list of all the investments a life insurer holds to back its promises, because it’s public information. In Bermuda, the investments are secret.
“This is why we should thank the world’s soccer fans and journalists. Last fall, when a private investment firm in Miami, 777 Partners, made a bid for Everton, part of the money was to come from its Bermuda reinsurer, 777 Re Ltd. — a cash cow taking in premiums from annuitants all over the United States.”
Later in the piece, Williams Walsh writes:
“Then came the revelation that 777 Re could not provide audited financial statements for the past two years. This is unheard of in life insurance, where policyholders typically pay premiums for years before they receive any payouts. No one would do this without knowing the company was sound.”