In a medium saucepan, combine cream, sugar, vanilla bean and seeds. Bring to a simmer over medium heat and cook until sugar dissolves. Remove from the heat, cover and allow to steep for 15 minutes.
Combine gelatin and water in a small bowl and let stand for 5 minutes.
After steeping, remove the cover from the cream mixture and bring to a simmer over medium heat then remove from the heat, add the gelatin and stir until dissolved. Remove and discard the vanilla bean.
Pour the panna cotta mixture into 4 8oz ramekins and let cool to room temperature. Cover with plastic wrap and refrigerate until set but still jiggly (about 3 hours)
