Prismic Life Holding Company, LP (Prismic), a Bermuda-based life and annuity reinsurance platform sponsored by Prudential Financial, Inc. and Warburg Pincus, has announced the completion of an oversubscribed capital raise, securing approximately $1.9 billion in total commitments and exceeding its original $1.6 billion target.
Prismic said the additional capital expands its capacity and flexibility to support a broader range of reinsurance opportunities.
The capital raise included investments from a global consortium of institutional investors, underscoring continued demand for Prismic’s differentiated reinsurance platform.
Following the latest close, Prismic has raised more than $3.3 billion in capital to support reinsurance liabilities, including Prudential Financial’s U.S. and Japanese liabilities, as well as third-party business such as the recent Daiichi Life transaction.
Nandini Mongia, Prismic Group Chair and CEO, 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 and Warburg Pincus across public and private markets.
Prismic was advised by PGIM, RBC Capital Markets, Willkie Farr & Gallagher LLP, and Appleby (Bermuda) Limited.
