Revolution in Bermuda

As a follow-up to her guest editorial in the Washington Post about 777 Partners and the off-shoring of American reinsurance, Mary Walsh looks at the continuing fallout from Bermuda’s decision to put the would-be Everton buyers’ subsidiary, 777 Re, under administrative control.

“British soccer regulators discovered that the parent, 777 Partners, couldn’t provide audited financial statements, an unheard-of breach in the insurance business. 777 Re was belatedly downgraded to C-minus by A.M. Best. That’s close to a death sentence. The Bermuda Monetary Authority put it under administrative control. No one can remove a penny without permission. 

“But is there even a penny left to remove? Lawsuits are piling up.”