13 September 2023News

Nomura a major investor in $1 billion Bermuda life reinsurer

Japanese investment bank Nomura is a major investor in newly formed $1 billion long term re/insurer Prismic Life Reinsurance.

Nomura said it is founding investor in a group of global investors who have a 65% stake in the company, whose launch was announced last week. Prudential Financial will hold a 20% investment in the company while investment bank Warburg Pincus will have the remaining 15%.

Nomura also acted as joint lead arranger and bookrunner on a syndicated debt facility which will be used to further capitalise Prismic.

“We are excited to invest alongside two market leaders, Prudential Financial, Inc. and Warburg Pincus, in Prismic. Insurance is a growing client segment for Nomura globally and part of our ambitions to expand our platform more broadly”, said Chris Willcox, executive officer and head of wholesale division.

The board responsible for the oversight of Prismic’s business will include two independent directors and one director nominated by each of PFI, Warburg Pincus, Nomura and the other investors.

Gordon Sweely, global head of securitized products and private credit, will represent Nomura on Prismic’s board.

“This investment is an opportunity for Nomura to invest in a reinsurance platform targeting a growing market space,” said Sweely. “We look forward to working in partnership with them as an investor and a capital markets partner to grow this platform.”

Prismic Life Reinsurance long term re/insurance Bermuda Nomura Prudential Warburg Pincus Gordon Sweely