Prismic Life Holding Company has closed its third capital raise, securing $1.3 billion to expand its global life and annuity reinsurance platform. The company, sponsored by Prudential Financial and Warburg Pincus, attracted participation from a broad consortium of international investors. The new funding is expected to add substantial capacity to support Prismic’s long-term growth strategy.
Headquartered in Bermuda, Prismic operates as a Bermuda-exempted limited partnership and serves as the parent company of Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., both Class E Bermuda-licensed life and annuity reinsurers. Before this announcement, Prismic had raised more than $1.5 billion in capital to reinsure approximately $17 billion of Prudential Financial’s United States and Japanese liabilities.
Company leadership said the latest infusion of capital will strengthen Prismic’s ability to deliver sophisticated reinsurance solutions that meet clients’ needs in capital management, risk management, and balance-sheet optimization. Executives also emphasized that the additional resources will support the execution of Prismic’s multiyear strategy to grow the platform and broaden global access to Prudential Financial’s suite of life and annuity products.
Industry leaders noted that reinsurance is increasingly important as insurers adapt to demographic changes and seek ways to optimize their long-duration liabilities. Prismic’s alignment with Prudential Financial and Warburg Pincus positions it to capture growing demand for reinsurance across global markets.
Prismic expects to allocate approximately $15 billion across public, private, and alternative credit strategies managed by PGIM, as well as private equity assets managed by Warburg Pincus. PGIM, Prudential Financial’s $1.5 trillion global investment management business, will continue to play a central role in supporting Prismic’s investment activities across diversified asset classes.
Support: Advisors on the transaction included PGIM, RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited.
KEY QUOTES:
“Prismic provides investors with the opportunity to gain exposure to diversified life insurance and annuity liabilities alongside Prudential, Warburg Pincus, and other global investors. The new capital will further enable the execution of our multiyear business plan to grow the platform, deliver innovative reinsurance solutions for clients’ capital, risk, and balance sheet management needs, expand access to PFI’s industry-leading life and annuity products, and facilitate the growth of the global insurance and retirement income industry.”
Nandini Mongia, Prismic Group Chair and CEO
“Prismic’s reinsurance capabilities support our position as a global leader in expanding access to investing, insurance, and retirement security. We expect reinsurance will play an increasingly critical role in the global life insurance and annuity markets, as insurers respond to changing demographics and seek to optimize capital, risk and long-duration liabilities. Prismic is uniquely positioned to address these needs, and we look forward to its continued growth in partnership with Warburg Pincus and other Prismic investors.”
Andy Sullivan, CEO of Prudential Financial
“We are pleased to continue our successful partnership with Prudential and Prismic as we expand this market-leading reinsurance platform. Prismic continues to be uniquely positioned for long-term, sustainable growth. Its strategy, integrating liability origination, asset-liability management, and asset management to enhance long-term returns, strongly aligns with our commitment to enduring value creation, and we look forward to Prismic’s continued growth as a global leader in the reinsurance sector.”
Jeffrey Perlman, CEO of Warburg Pincus
