Prismic Announces Close Of $1.3B Capital Raise
Prismic Life Holding Company, LP announced the successful completion of its third capital raise of US$1.3 billion.
A spokesperson said, “Prismic is sponsored by Prudential Financial, Inc.and Warburg Pincus, global leaders in insurance and investment management. Prismic has been supported by a global consortium of world-class investors who participated in the capital raise. The capital will provide additional capacity for Prismic to grow its reinsurance platform.
“Prismic is a Bermuda-exempted limited partnership and the holding company of Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., each a licensed Class E Bermuda-based life and annuity reinsurance company. Prismic has previously raised over US$1.5 billion in capital to support the reinsurance of approximately US$17 billion of PFI’s U.S. and Japanese liabilities.”
Prismic Group Chair and CEO Nandini Mongia commented, “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.”
“Prismic’s reinsurance capabilities support our position as a global leader in expanding access to investing, insurance, and retirement security,” said Andy Sullivan, CEO of Prudential Financial. “
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.”
“We are pleased to continue our successful partnership with Prudential and Prismic as we expand this market-leading reinsurance platform,” said Jeffrey Perlman, CEO of Warburg Pincus.
“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, Inc., Warburg Pincus LLC, RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby [Bermuda] Limited.
