Dai-ichi Life Insurance Company Limited will work with Bermuda-based life and annuity reinsurance company and Prismic subsidiary Prismic Life Reinsurance to reinsure a number of active whole life and annuity policies denominated in Japanese yen.
Under the terms, Daiichi’s obligations to policyholders will remain unchanged after the reinsurance agreement is entered into, and the company will continue to administer and service the policies.
The reinsurer explained that its business model combines insurance expertise with operational scalability and a long-term investment approach, allowing it to provide customized reinsurance and balance sheet management solutions for life and annuity products.
Nandini Mongia, Executive Chairman and CEO of Prismic Group, commented: “This agreement reflects Prismic’s continued commitment to supporting the Japanese insurance market with tailored reinsurance solutions that help insurers effectively manage their growth, risk and capital objectives.
“We value our strong relationship with Daiichi and are pleased to support them with solutions that complement their ongoing service and customer commitment.”
She continued: “This transaction further strengthens Prismic’s platform by continuing to diversify our revenue streams and risk profile, adding to the scalability and resilience of our long-term reinsurance model.”
Prismic’s advisors include PGIM, Inc., Willkie Farr & Gallagher LLP, Appleby (Bermuda) Limited and Nishimura & Asahi (Gaikokuho Kyodo Jigyo).
Recently, Prismic’s platform strength and operating model have been further verified by AM Best’s A- financial strength rating for PLRe International and A+ financial strength rating by Rating and Investment Information, Inc. (R&I).