Prismic Life announced the completion of an oversubscribed capital raise, securing approximately $1.9 billion in total commitments and surpassing its original $1.6 billion target. The additional capital is expected to expand the company’s capacity and flexibility to pursue a broader range of reinsurance opportunities.
The company is sponsored by Prudential Financial and Warburg Pincus, which support the Bermuda-based reinsurance platform through investment management and strategic backing. The latest capital raise included investments from a global consortium of institutional investors, reflecting continued demand for the company’s life and annuity reinsurance platform.
Prismic operates as a Bermuda-exempted limited partnership and serves as the holding company for Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., both licensed Class E Bermuda-based life and annuity reinsurance companies. Including the latest raise, the platform has secured more than $3.3 billion in total capital to support the reinsurance of liabilities, including Prudential Financial’s U.S. and Japanese liabilities, along with third-party business such as a recent transaction involving Daiichi Life.
The company said it currently manages more than $17 billion in liabilities after launching on September 1, 2023.
Prismic plans to continue leveraging the investment management capabilities of PGIM, Prudential Financial’s global investment management business with approximately $1.4 trillion in assets under management as of March 31, 2026, as well as the private markets expertise of Warburg Pincus.
The transaction advisory team included PGIM, RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited.
KEY QUOTES:
“This capital raise marks another important milestone for the Prismic platform. The oversubscription reflects confidence in our strategy, enhances our ability to execute efficiently on future transactions, and allows us to deliver innovative reinsurance solutions that support clients’ capital, risk, and balance-sheet management needs.”
Nandini Mongia, Group Chair and CEO, Prismic Life
“Prismic is an important part of Prudential’s broader toolkit for flexible capital allocation. The platform provides Prudential access to third-party capital and strategic optionality that supports our long-term growth strategy.”
Andy Sullivan, Chairman and CEO, Prudential Financial
“The oversubscribed raise highlights Prismic’s long-term growth potential. Its integrated approach remains highly differentiated, and we are pleased to continue partnering with Prudential and Prismic as the platform grows.”
Jeffrey Perlman, CEO, Warburg Pincus
