Prismic Life Holding Company, LP (Prismic) has raised $1.3 billion in its third successful capital raise, sponsored by Prudential Financial, Inc. (PFI) and Warburg Pincus, and supported by participation of a global consortium of investors, providing the firm with additional capacity to grow its reinsurance platform.
This latest capital raise will see Prismic allocate approximately $15 billion to public, private, and alternative credit assets managed by PGIM and private equity assets managed by Warburg Pincus.
In the past, Prismic raised over $1.5 billion in capital to support the reinsurance of approximately $17 billion of PFI’s US and Japanese liabilities.
Prismic will continue to leveraging global investment management capabilities from PGIM, the $1.5 trillion global investment management business of PFI, and Warburg Pincus across both public and private markets.
Nandini Mongia, Group Chair and Chief Executive Officer (CEO), Prismic, 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.”
Andy Sullivan, CEO, Prudential Financial, added, “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, Warburg Pincus, concluded, “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, Inc., Warburg Pincus LLC, RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited.
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