Prismic Life Holding Company, LP (Prismic), a Bermuda-based life and annuity reinsurance platform sponsored by Prudential Financial, Inc. and Warburg Pincus, announced the completion of an oversubscribed financing that resulted in approximately $1.9 billion in total committed capital, exceeding its original target of $1.6 billion.
Prismic said the additional capital expands its capabilities and flexibility to support a broader range of reinsurance opportunities.
The financing, which includes investment from a global consortium of institutional investors, highlights continued demand for Prismic’s differentiated reinsurance platform.
After the most recent close, Prismic has raised more than $3.3 billion in capital to support reinsurance liabilities, including Prudential Financial Group’s U.S. and Japanese liabilities, as well as third-party businesses such as the recent Dai-ichi Life Insurance transaction.
Nandini Mongia, Chairman and CEO of Prismic Group, commented: “This financing marks another important milestone for the Prismic platform. The oversubscription reflects confidence in our strategy, enhances our ability to efficiently execute future transactions, and enables us to provide innovative reinsurance solutions that support our clients’ capital, risk and balance sheet management needs.”
“Prismic is an important component of Prudential’s broader toolkit for flexible capital allocation,” said Andy Sullivan, chairman and CEO of Prudential Financial Group. “This platform provides Prudential with access to third-party capital and strategic options to support our long-term growth strategy.”
“The oversubscribed financing highlights Prismic’s long-term growth potential,” added Warburg Pincus CEO Jeffrey Perlman. “Its comprehensive approach remains highly differentiated and we are excited to continue our partnership with Prudential and Prismic as the platform evolves.”
Prismic will continue to leverage PGIM and Warburg Pincus’ global investment management capabilities in public and private markets.
Prismic was advised by PGIM, RBC Capital Markets, Willkie Farr & Gallagher LLP and Appleby (Bermuda) Limited.
