Prismic Life completes $1.3bn capital raise to grow reinsurance platform

Prismic Life Holding Company has completed a $1.3bn superior raise, attracting contributions from a scope of planetary investors.

The company, which operates arsenic a Bermuda-exempted constricted partnership, is the holding entity for Prismic Life Reinsurance and Prismic Life Reinsurance International. Both subsidiaries are licensed Class E companies based successful Bermuda with a absorption connected beingness and annuity reinsurance.

This is Prismic Life's 3rd superior raise. The funds volition connection added capableness for Prismic’s reinsurance level growth.

Prudential Financial (PFI) and Warburg Pincus, some progressive successful security and concern management, sponsored Prismic.

Including this latest round, Prismic has secured much than $1.5bn to date, which has been utilized to enactment the reinsurance of astir $17bn successful liabilities from PFI’s US and Japanese portfolios.

Going forward, Prismic plans to proceed utilising the concern absorption offerings of PGIM-PFI’s concern limb and Warburg Pincus for some nationalist and backstage marketplace strategies.

Warburg Pincus CEO Jeffrey Perlman said: “Prismic continues to beryllium uniquely positioned for long-term, sustainable growth.

“Its strategy, integrating liability origination, asset-liability absorption and plus absorption to heighten semipermanent returns, powerfully aligns with our committedness to enduring worth creation, and we look guardant to Prismic’s continued maturation arsenic a planetary person successful the reinsurance sector.”

As a effect of this superior raise, Prismic expects to allocate astir $15bn crossed PGIM-managed private, nationalist and alternate recognition assets, arsenic good arsenic backstage equity assets overseen by Warburg Pincus.

Prudential Financial CEO Andy Sullivan said: “We expect reinsurance volition play an progressively captious relation successful the planetary beingness security and annuity markets, arsenic insurers respond to changing demographics and question to optimise capital, hazard and long-duration liabilities.

“Prismic is uniquely positioned to code these needs, and we look guardant to its continued maturation successful concern with Warburg Pincus and different Prismic investors.”

Advisers connected the transaction included Warburg Pincus, PGIM, Willkie Farr & Gallagher, RBC Capital Markets and Appleby (Bermuda).

Prismic CEO and radical seat Nandini Mongia said: “Prismic provides investors with the accidental to summation vulnerability to diversified beingness security and annuity liabilities alongside Prudential, Warburg Pincus and different planetary investors.

“The caller superior volition further alteration the execution of our multi-year concern program to turn the platform, present innovative reinsurance solutions for clients’ capital, hazard and equilibrium expanse absorption needs, grow entree to PFI’s industry-leading beingness and annuity products, and facilitate the maturation of the planetary security and status income industry.”