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.

Click HERE to read the full story via Think Advisor

Originally Posted at ThinkAdvisor on September 8, 2023 by Allison McNeely.