Nomura has announced it has made an equity investment into Prismic Life Reinsurance, a licensed Class E Bermuda-based life and annuity reinsurance platform, alongside Prudential Financial, Warburg Pincus and other investors.
Combined, Prismic will have an initial equity investment of approximately $1 billion. 65% of the equity is owned by a group of investors that Nomura is a founding investor of, while Prudential Financial owns 20% and Warburg Pincus owns 15%.
In addition to this, Nomura has acted as joint Lead Arranger and Bookrunner on a syndicated debt facility which will be used to further capitalize Prismic.
Chris Willcox, Executive Officer and Head of Wholesale Division, Nomura commented, “We are excited to invest alongside two market leaders, Prudential Financial, Inc. and Warburg Pincus, in Prismic.
“Insurance is a growing client segment for Nomura globally and part of our ambitions to expand our platform more broadly.”
The board of Prismic will include two independent directors and one director nominated by each of PFI, Warburg Pincus, Nomura and the other investors.
Gordon Sweely, Global Head of Securitized Products and Private Credit, will represent Nomura on Prismic’s board.
Sweely added, “This investment is an opportunity for Nomura to invest in a reinsurance platform targeting a growing market space. We look forward to working in partnership with them as an investor and a capital markets partner to grow this platform.”
