State authorities in Utah and South Carolina are pressing some related insurance companies to reduce exposure to 777 Partners
Potential new Everton owners 777 Partners have been handed another blow after state authorities in the US sought to press five insurance companies to reduce their exposure to the Miami-based firm.
A decision is expected imminently after it emerged that the Premier League had given ‘conditional approval’ for a deal, albeit one that would only arrive if 777 met a number of strict caveats. The regulators say the move highlights their states’ efforts to safeguard the financial interests of individuals depending on annuities and insurance products, particularly retirees, widows, and orphans.
Earlier this year, Bermudan-based 777Re, a reinsurance firm that had also been a provider of funds for 777, was downgraded to a C- by ratings agency AM Best.
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