ST. MICHAEL, Barbados - Everest Reinsurance Bermuda Ltd. has acquired AFC Re Ltd., a Bermuda-based annuity and life reinsurer, from AFC Holdings Ltd. for approximately $17 million.

The acquisition brought $253 million of assets and $236 million of liabilities, mostly reserves for annuity benefits, as well as a staff of four who will join the Bermuda operations of the buyer's parent company, Everest Re Group Ltd.

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