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Prismic Life to reinsure about $5 billion of Prudential Japanese life policies
The deal covers reserves tied to USD-denominated Japanese whole life policies, with Prudential continuing to administer the contracts.
Prismic Life has announced an agreement with Prudential Financial to reinsure a portion of Prudential’s recently originated Japanese whole life policies, covering approximately $5 billion of reserves backing USD-denominated liabilities, according to Coverager.
Under the terms, Prismic will reinsure the selected reserves tied to policies originated by Prudential’s Japanese affiliates, while Prudential’s obligations to policyholders will remain unchanged and Prudential will continue administering the contracts.
Coverager also notes the transaction expands Prismic’s reinsurance platform and builds on an existing Prismic-Prudential relationship, including in-force and new business flow transactions that now cover more than $22 billion of USD-denominated liabilities.