Prudential, Warburg Pincus Team Up to Back New Reinsurer
September 13, 2023 by Allison McNeely
Prudential Financial Inc. and Warburg Pincus are among investors that contributed a combined $1 billion of equity to create a Bermuda-based reinsurer, Prismic Life Reinsurance Ltd.
In its first deal, Prismic is taking on $10 billion of structured settlement annuity contracts from Prudential, freeing up capital for it to write new insurance business. The transaction is subject to regulatory approvals.