Daiichi Life executes yen life reinsurance deal with Prismic Life Re
Daiichi Life Insurance Co has entered into a reinsurance agreement with Prismic Life Reinsurance International covering a yen-denominated in-force block of whole life and annuity policies, transferring risk on the portfolio to Prismic Life Re.
Under the agreement, Prismic Life Reinsurance International (PLRe International), a subsidiary of Prismic Life Holding Company (Prismic), will reinsure the portfolio, while Daiichi’s obligations to policyholders will remain unchanged. Daiichi will continue to administer and service the policies following completion of the transaction.
Nandini Mongia (pictured), group executive chair and chief executive officer of Prismic, said: “This agreement reflects Prismic’s continued commitment to supporting the Japan insurance market with tailored reinsurance solutions that help insurers efficiently manage their growth, risk, and capital objectives. We value our strong relationship with Daiichi and are pleased to support them with a solution that complements their ongoing servicing and customer commitments.”
Prismic said its business model combines insurance expertise with operational scalability and a long-term investment approach, enabling it to provide customised reinsurance and balance sheet management solutions across life and annuity products.
“This transaction further strengthens Prismic’s platform by continuing to diversify our earnings streams and risk profile, reinforcing the scalability and resiliency of our long-term reinsurance model,” added Mongia.
PLRe International has recently received financial strength ratings of A- from AM Best and A+ from Rating and Investment Information, Inc. (R&I), which Prismic said validate the strength of its platform and operating model.
Prismic was advised on the transaction by PGIM, Willkie Farr & Gallagher, Appleby (Bermuda) and Nishimura & Asahi.
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