Bermuda domiciled reinsurer, Somerset Reinsurance Ltd. has announced the completion of a new business flow reinsurance treaty with Prudential Annuities Life Assurance Corporation, a subsidiary of Prudential Financial.
Under the terms of the new reinsurance relationship, Somerset Reinsurance will reinsure a quote share of the new fixed indexed annuities sold by Prudential Annuities Life Assurance Corporation.
Bermudian Somerset Reinsurance provides reinsurance solutions to the U.S. life and annuity market, and its solutions include programs for new business flow and management of legacy blocks of life insurance and annuities.
Commenting on the transaction, the reinsurer’s Chief Executive Officer (CEO), Patrick Kelleher, said: “Somerset is pleased to have such an important new business relationship with PFI. Somerset has proven its ability to help business partners like PFI compete in new product lines, improve product offerings for their distributors and, ultimately, offer valuable retirement products to their customers.
“This transaction allows us to add the largest life insurance company in the industry to our growing client base.”
Headquartered in the U.S., Prudential Annuities Life Assurance Corporation is a provider of variable and fixed annuity contracts, offering a range of annuities, including deferred and immediate variable annuities.