12/04/2024 24comments  |  Jump to last

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.

Article continues below video content

"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."

» Read the full article at Washington Post

Reader Comments (24)

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Graham Fylde
1 Posted 12/04/2024 at 20:28:59
This is a great read, and sobering!

I see that 777 Partners have moved on to Blue Owl — are their chances as low as I think they might be?

Ed Prytherch
2 Posted 12/04/2024 at 20:46:29
This reminds me of the mess caused by home mortgage derivatives about 20 years ago.

I am relieved that I did not buy an annuity when I retired in South Carolina but I feel for those who did.

Paul Birmingham
3 Posted 12/04/2024 at 21:12:01
This explanation is a massive help in my understanding of the offshore wealth fund business.

It looks deadly if 777 Partners were to get approval.

What a stinking mess...

Simon Harrison
4 Posted 12/04/2024 at 21:52:18
This article is very sobering, but surely it paints a picture to all and sundry, that 777 Partners, are not a reputable company, and their alleged $12B plus in assets, is purely a paper write down.

If you merely scratch beneath the surface, it is patently obvious that they have to allocate resources to each 'operational mishap', and indeed withdraw their more valuable assets from risk of exposure to 'depreciation'. In other words, they have to constantly rob Peter to pay Paul to meet their operational costs, yet with an ever-diminishing pool of resources.

I really enjoy reading Paul he Esk's investigative work, and listening to the Talking the Blues podcasts...

All the best and good wishes.

PS Please thank George for the recipe! 😜🤣👍

Laurie Hartley
5 Posted 12/04/2024 at 23:34:41
Well, after reading this article, I want us to have nothing to do with 777 Partners whatsoever.

Putting ordinary folks' life savings and retirement funds at risk is pure evil. I hope MSP knock them back on Monday.

Jamie and Mike and several others – looks like you have had this lot figured out from Day 1.

Jerome Shields
6 Posted 13/04/2024 at 00:15:28
Thanks for this information on 777 Partner's funding arrangements and the current ratings that they are experiencing.

As Ed says, it has a derivates feel about it. Fueled by the baby boomers' pension pots, this will now be looked at closely by Government regulatory authorities.

Jerome Shields
7 Posted 13/04/2024 at 00:39:38
Where is the money coming from offshore to underwrite the re-insurance?
Pete Clarke
8 Posted 13/04/2024 at 04:26:57
Most of us thought it was good to be owned by one of our own instead of some foreigner who cared little about the club, the fans, the history or even the sport itself.

Kenwright for sure did a lot of damage by holding on but what he did with Moshiri has really proved that nobody gives a shit as long as there is money involved.

Moshiri speaks very little but, when he does, it's with forked tongue and his insistence that 777 Partners are the people to take us forward when in fact they are the epitome of evil with regards to pillaging people's money.

Once Kenwright knew what damage had been done, he was probably glad to take the easy way out – just like a lot of greedy fuckers do in the financial world when the truth comes out.

Maybe it's best for us all to take the hit of administration and start afresh in the lower leagues where we can watch the Premier League implode on itself.

Kieran Kinsella
9 Posted 13/04/2024 at 04:37:48

I guess I'm in the minority but I thought Kenwright was a charlatan from the get-go. Simply put, he had no money to fend off the Johnson takeover. Then, when Johnson had financial trouble, he swooped in with a consortium of mugs who combined never had the Johnson capital.

I never liked him. I never trusted him. His lies are well documented. I guess he got out at a convenient time before his house of cards crashed down.

David Currie
10 Posted 13/04/2024 at 06:14:06

I don't think you are in the minority, I agree with everything you said regarding Kenwright as I'm sure the vast majority of fans do as well.

Danny O’Neill
11 Posted 13/04/2024 at 07:23:49
David, it's interesting when you look at ownership of Premier League clubs. Very few owned outright by UK owners. Brentford, Brighton and Luton.

Those with majority UK shareholders are in the minority. Even our owner is dual, holding a UK passport.

West Ham have a major shareholder in the form of a Czech Billionaire.

Considering his influence, I hadn't realised that Levy at Tottenham only has a 25% stake in the club.

As for Wolves, they are Chinese owned. Turn your phone off when you go to Molineux and don't use Tik Tok!!!

Danny O’Neill
12 Posted 13/04/2024 at 07:43:45

I suppose it took a few of us a bit longer to come around.

Similar to those who took time to realise Moyes wasn't taking us anywhere other than hitting the glass ceiling.

I suppose at the time, there was bad feeling amongst the support base against Peter Johnson and many welcomed the change.

As with any walk of life, no-one knows how it will work out. It didn't and his legacy has put us in a dangerous position after decades of neglect interceded by optimism and then blowing the money.

He was out of his depth. Moshiri is / was out of his depth. Bill should have gone the moment he brought Moshiri in. Moshiri should have brought in a competent board.

But our silent owner seemingly continued to be influenced by Kenwright.

All hindsight but I still can't forgive them for the treatment and false accusations given to the supporters.

Peter Quinn
13 Posted 13/04/2024 at 08:57:30
This is an interesting explanation of this dark and murky world centred in Bermuda.

There is also an interesting post on X by Citizensuberbia setting out a way forward as happened with AC Milan when it was in a similar mess.

Dave Williams
14 Posted 13/04/2024 at 09:42:01
Can someone put this into plain English please so us slower readers can understand?

It has the feel of a legalised Ponzi scheme to me?

Ray Roche
15 Posted 13/04/2024 at 10:19:39
Yet Bermuda isn't American, it's a British Island territory. Lots of banking etc, beautiful place to visit. Great golf but expensive. And now, apparently, a home to monetary sharks.
Roger Helm
16 Posted 13/04/2024 at 11:57:30
Peter, could you summarise please for those of us who don’t do X?
Michael Kenrick
17 Posted 13/04/2024 at 12:00:56
Roger, I think we have posted that on TW as a media piece:

Everton / 777 / MSP:  A Way Forward?

Pete Clarke
18 Posted 13/04/2024 at 12:46:34
Peter Johnson had very little money either but at least he got the Park End sorted. We generally disliked him because he was a red neck but then they were simpler times than todays money hungry lot who care little about the sport.

We all should have got together and forced Moshiri out once he made it known that Rafa Benitez was going to be our manager. Same with Kenwright getting away with all of his shenanigans because looking back we allowed it to happen.

I hate mentioning those lot across the park but they would not have stood for it.

Stephen Williams
19 Posted 13/04/2024 at 13:52:42
Pete (18), it wasn't the RS fans that got rid of Gillette and Hicks; it was Barclays when the RS defaulted on a loan.

Barclays took control and identified FSG. Apparently they were 24 hours away from Administration when the deal was done.

Is this starting to sound familiar with our situation?

Whilst I have no information to back this up, I'm hoping that the expected default on the MSP loan may be the catalyst for a sequence of events to put us on a sounder footing with more stable owners.

Pete Clarke
20 Posted 13/04/2024 at 14:36:39
Seems like a long time ago when it happened to them yet look where they are now.

Their fans did indeed help get rid of them and some were even willing to go into administration to see them gone. I know this because 3 out of my family of 8 are red and we spoke about it.

Hard to compare their situation to ours because they didn't have the Premier League strangling them at the same time but I would love the outcome to be the same and somebody with brains takes over.

David Currie
21 Posted 14/04/2024 at 04:34:38
Danny 12, Correct on Moshiri should have got rid of the Chairman when he first came in.

Pete 20, I feel for you having 3 of that lot in your family. Hopefully the other 5 are all Blues!

Danny O’Neill
22 Posted 14/04/2024 at 06:22:04

My immediate family are all Everton. My sister's husband is red with two of his sons likewise. The other son is an Everton season ticket holder.

Likewise with my extended family and cousins. A mix of blue and red.

It makes family gatherings entertaining!

Eric Myles
23 Posted 16/04/2024 at 04:33:50
Laurie #5, unfortunately such shenanigans are commonplace in the financial world. Remember Robert Maxwell MP? And our very own 'friend of the club' "The Mozart of Money?"
Don Alexander
24 Posted 23/04/2024 at 02:38:34
The world in which our very own accountancy dorks, Moshiri being the chief inadequate shyster, boast about is thriving in a cute-as-fuck accountancy world.

Kenwright and his own acolytes are the only personally successful ones in terms of personal income (step forward Sharp, Barrett-Baxendale and others).

It has long been recognised by other genuinely savvy accountancy sharks that we are a basket-case all but demanding to be devoured by nefarious accountancy sharks with know-how.

Hence we are in the gob of 777 Partners.

We're fucked – for years at best.

Thanks, Kenwright.

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