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Prismic Life agrees to reinsure about $5 billion of Prudential policies
The deal covers USD-denominated whole life reserves tied to Prudential’s Japanese affiliates, while Prudential keeps responsibility for administering the policies.
Prismic Life Holding Company has reached an agreement with Prudential Financial to assume reinsurance on a portfolio of Japanese whole life insurance business, covering approximately $5 billion of reserves tied to USD-denominated whole life policies issued by Prudential’s Japanese affiliates, Reinsurance News reported.
The transaction is structured so it does not change Prudential’s existing commitments to policyholders, and Prudential will continue administering the underlying policies.
Prismic said the agreement expands its reinsurance activities and extends its relationship with Prudential. Including previous in-force and new business flow arrangements, the companies’ transactions now encompass more than $22 billion of USD-denominated liabilities, according to Prismic.