Prismic Life raises $1.3bn to scale its reinsurance platform
Bermuda-based Prismic Life Holding Company has completed its third capital raise, bringing in $1.3 billion, to accelerate the growth and capabilities of its Prismic Life Reinsurance platform.
Prismic is sponsored by Prudential Financial and Warburg Pincus, insurance and investment management firms that partnered to launch the reinsurer back in Prismic back in September 2023.
Prismic is a Bermuda-exempted limited partnership and the holding company of Prismic Life Reinsurance and Prismic Life Reinsurance International, each a licensed Class E Bermuda-based life and annuity reinsurance company.
The capital raise has been supported by a global consortium of world-class investors who participated in the capital raise.
Prismic has previously raised more than $1.5 billion in capital to support the reinsurance of approximately $17 billion of private finance initiative’s in US and Japanese liabilities.
Prismic will continue to leverage global investment management capabilities from PGIM, the $1.5 trillion global investment management business of PFI, and Warburg Pincus across public and private markets. The capital raise is expected to result in Prismic allocating roughly $15 billion to public, private and alternative credit assets managed by PGIM and private equity assets managed by Warburg Pincus.
Nandini Mongia (pictured), Prismic group chair and CEO, said: “Prismic provides investors with the opportunity to gain exposure to diversified life insurance and annuity liabilities alongside Prudential, Warburg Pincus, and other global investors.
“The new capital will further enable the execution of our multiyear business plan to grow the platform, deliver innovative reinsurance solutions for clients’ capital, risk, and balance sheet management needs, expand access to PFI’s industry-leading life and annuity products, and facilitate the growth of the global insurance and retirement income industry.”
Andy Sullivan, CEO of Prudential Financial, said: “Prismic’s reinsurance capabilities support our position as a global leader in expanding access to investing, insurance, and retirement security. We expect reinsurance will play an increasingly critical role in the global life insurance and annuity markets, as insurers respond to changing demographics and seek to optimize capital, risk and long-duration liabilities. Prismic is uniquely positioned to address these needs, and we look forward to its continued growth in partnership with Warburg Pincus and other Prismic investors.”
Jeffrey Perlman, CEO of Warburg Pincus, said: “We are pleased to continue our successful partnership with Prudential and Prismic as we expand this market-leading reinsurance platform. Prismic continues to be uniquely positioned for long-term, sustainable growth. Its strategy, integrating liability origination, asset-liability management, and asset management to enhance long-term returns, strongly aligns with our commitment to enduring value creation, and we look forward to Prismic’s continued growth as a global leader in the reinsurance sector.”
Prismic was advised by PGIM, Warburg Pincus, RBC Capital Markets, Willkie Farr & Gallagher, and Appleby (Bermuda).
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