A Bermuda-based life reinsurance company, WMA Life Insurance Co Ltd, has clinched a deal with a major US insurance company which will take its premiums over the $65 million mark.

The WMA Corporation made the announcement about its wholly-owned subsidiary, WMA Life Insurance Company Limited, saying it had "entered into a significant reinsurance agreement with a major US life insurance company''.

It said the agreement provided for the reinsurance of certain variable annuity business sold by registered representatives of WMA Securities, Inc., a registered securities broker-dealer, which is affiliated with World Marketing Alliance, Inc., a Georgia-based insurance agency that operates an international financial services, sales and marketing organisation.

It said the new business complemented its existing life reinsurance of approximately $9.3 billion in force, which WMA Life reported at September 30, 2000 at which time it reinsured over 41,000 annuity policies, which is a 68 percent increase from December 31, 1999.

They said based on past sales experience with a similar variable annuity product, sold by registered representatives of WMA Securities, Inc. and issued by the same insurer, WMA Life anticipated reinsurance premiums would exceed $65 million in 2001 due to this reinsurance transaction, continuing its growth in the annuity reinsurance marketplace.