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Originally Posted by bizaro86
Also - AM Best ratings are for insurance companies not hedge funds. I'm not familiar with 777, maybe they have an insurance subsidiary or something? Because AM Best doesn't rate hedge funds.
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Sorry, yes, the downgraded rating was for
777 Re, the reinsurance arm of 777 Partners.
https://www.semafor.com/article/11/2...s-buying-spree
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Kenneth King, who runs a network of insurance and investment firms, has steered hundreds of millions of dollars for years to 777, whose bid for one of England’s oldest soccer teams has raised questions both among sports executives and regulators about where, exactly, its money comes from.
King’s firm, A-CAP, sold customers’ insurance policies to 777’s reinsurance arm, separately loaned at least $400 million to 777 Partners itself and various portfolio companies, and sits on the committee that oversees its investments, according to people familiar with the matter, and internal and public documents.
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https://www.insurancebusinessmag.com...id-481236.aspx
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Much speculation in the wake of 777 Partners’ Everton bid has centered on how insurance assets may have been used to fund loss-making investments. In its report, AM pointed to 777 Re having “materially significant exposure” to affiliated assets of 777 Partners and a “great deal of uncertainty” around the liquidity of these.
Among such alleged affiliated assets, as previously reported by Semafor: South American soccer streaming platform Fanatiz, a payday lender, *** a company that leases aircraft to 777 Partners-controlled budget airlines ***, and 777 Partners itself.
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