Prismic Life Announces Completion of Oversubscribed Capital Raise

Prismic Life Holding Company, LP (Prismic) announced the successful completion of its previously announced capital raise. The approximately US$1.9 billion of total commitments reflects an oversubscribed closing, exceeding its original US$1.6 billion target. The additional capital expands Prismic’s capacity and flexibility to support a broader range of reinsurance opportunities.

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Prismic is sponsored by Prudential Financial, Inc.  (PFI) and Warburg Pincus, global leaders in insurance and investment management. This capital raise included investments from a global consortium of world-class institutional investors, underscoring continued demand for Prismic’s differentiated 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. Including this close, Prismic has raised more than US$3.3 billion in capital to support the reinsurance of liabilities, including PFI’s U.S. and Japanese liabilities as well as third-party business, such as the recent Daiichi Life transaction.

Prismic Group Chair and CEO Nandini Mongia commented, “This capital raise marks another important milestone for the Prismic platform. The oversubscription reflects confidence in our strategy, enhances our ability to execute efficiently on future transactions, and allows us to deliver innovative reinsurance solutions that support clients’ capital, risk, and balance-sheet management needs.”

“Prismic is an important part of Prudential’s broader toolkit for flexible capital allocation,” said Andy Sullivan, chairman and CEO of Prudential Financial. “The platform provides Prudential access to third-party capital and strategic optionality that supports our long-term growth strategy.”

“The oversubscribed raise highlights Prismic’s long-term growth potential,” added Jeffrey Perlman, CEO of Warburg Pincus. “Its integrated approach remains highly differentiated, and we are pleased to continue partnering with Prudential and Prismic as the platform grows.”

Prismic will continue to leverage global investment management capabilities from PGIM, the US$1.4 trillion* global investment management business of PFI, and Warburg Pincus across public and private markets.

Prismic was advised by PGIM, Inc., RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited.

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