Somerset Reinsurance has arranged a business flow reinsurance treaty with Prudential Annuities Life Assurance Corporation (PALAC), a subsidiary of Prudential Financial, that will see it reinsure a quota share of the new fixed indexed annuities PALAC sells.
Prudential Financial is an active global investment manager with more than $1 trillion in assets under management as of June 30, 2019, with operations in the US, Asia, Europe and Latin America. It is not to be confused with, and is not affiliated with, the UK-based Prudential.
Patrick Kelleher, CEO of Somerset, which provides reinsurance solutions for asset intensive life insurance and annuity business, welcomed the deal that made the largest life insurance company in the world a client.
"Somerset has proven its ability to help business partners like Prudential compete in new product lines, improve product offerings for their distributors and, ultimately, offer valuable retirement products to their customers,” he added.
Somerset Reinsurance, Prudential Annuities Life Assurance Corporation, Prudential Financial, Patrick Kelleher