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Everest Re buys secretive Bermuda reinsurer AFC Re

One of the most secretive commercial reinsurers in Bermuda has been sold after three years in business, about two-thirds of which it appears to have been up for sale.
AFC Re, which was capitalized at $100 million when it formed in October, 1997, was bought for $17 million in cash by Everest Re (Bermuda) in a deal that was announced on December 22, 2000.