Daiichi Life Insurance Co., Ltd. is set to reinsure a Yen-denominated in-force block of whole life and annuity policies with Bermuda-based life and annuity reinsurer and Prismic subsidiary, Prismic Life Reinsurance.
As per the terms, Daiichi’s obligations to policyholders will remain unchanged following the reinsurance agreement, and the firm will continue to administer and service the policies.
The reinsurer explained that its business model combines insurance expertise with operational scalability and a long-term investment approach, enabling it to provide customised reinsurance and balance sheet management solutions across life and annuity products.
Nandini Mongia, Group Executive Chair and Chief Executive Officer, Prismic, commented, “This agreement reflects Prismic’s continued commitment to supporting the Japan insurance market with tailored reinsurance solutions that help insurers efficiently manage their growth, risk, and capital objectives.
“We value our strong relationship with Daiichi and are pleased to support them with a solution that complements their ongoing servicing and customer commitments.”
She continued, “This transaction further strengthens Prismic’s platform by continuing to diversify our earnings streams and risk profile, reinforcing the scalability and resiliency of our long-term reinsurance model.”
The advisors for Prismic were PGIM, Inc., Willkie Farr & Gallagher LLP, Appleby (Bermuda) Limited, and Nishimura & Asahi (Gaikokuho Kyodo Jigyo).
Recently, Prismic’s platform strength and operating model were further validated with the financial strength ratings for PLRe International of A- from AM Best and A+ from Rating and Investment Information, Inc. (R&I).
