Reinsurance News
Prudential Financial
Swiss Re’s Berger and Prudential Financial’s Sullivan join Geneva Association Board
2nd June 2025
The Geneva Association, a global association of re/insurance companies with CEOs of carriers from the around the world as its members, has added Andreas Berger, Chief Executive Officer (CEO) of reinsurer Swiss Re and Andrew F. Sullivan, CEO of Prudential Financial, to its Board of Directors. Berger and Sullivan were elected ... Read the full article
Rothesay, Pacific Life Re & PFI partner on Lloyds Banking Group pension longevity transaction
31st March 2025
Lloyds Banking Group Pensions Trustees Limited has entered into its third and fourth longevity hedging insurance and reinsurance transactions, protecting in aggregate a further £5.1 billion of liabilities. This arrangement will further protect the Lloyds Banking Group pension schemes from the financial impact of increasing life expectancy among its members. The new ... Read the full article
Prudential Financial appoints Walia as Chief People Officer, Alziari to retire
13th February 2025
Prudential Financial has announced the appointment of Vicki Walia as Chief People Officer, effective March 31, 2025. She will be succeeding Lucien Alziari, who will retire after serving as Prudential’s Chief Human Resources Officer for eight years. Walia, who has a wealth of experience in talent management, currently leads the company’s human ... Read the full article
Prudential Financial and Dai-ichi Life partner on product distribution and asset management
24th January 2025
US insurance and investment firm, Prudential Financial Inc., and Japanese insurer Dai-ichi Life Holdings have entered into a strategic partnership focused on product distribution and asset management capabilities. The partnership includes a product distribution agreement in Japan, where Prudential would select Dai-ichi’s wholly owned subsidiary, The Neo First Life Insurance Company, ... Read the full article
Prudential Financial to reinsure $7bn Japanese Whole Life Block with Prismic
23rd January 2025
Prudential Financial, Inc. has signed an agreement to reinsure a portion of its recently originated Japanese whole life policies with a subsidiary of Bermuda-based life and annuity reinsurance company Prismic Life. Under the terms of the agreement, Prismic, sponsored by Prudential and Warburg Pincus and supported by a group of global ... Read the full article
Ranked by 2023 NPW, health carriers again dominate list of world’s largest insurers
3rd January 2025
In terms of net premiums written (NPW), health insurance companies continued to dominate in 2023 as four out of the top five were US-based health insurers, with UnitedHealth Group holding on to the top spot for the 10th year in a row with NPW growth of 13%. Our ranking of ... Read the full article
Prudential Financial completes universal life block reinsurance deal with Wilton Re
19th December 2024
US insurance and investment firm, Prudential Financial Inc., has closed a reinsurance transaction for a portion of its guaranteed universal life block with Wilton Re. Readers may recall, in August, Prudential Financial entered into an agreement with Wilton Re to reinsure approximately $11 billion of reserves supporting a portion of ... Read the full article
Prudential Financial names Andrew Sullivan as next CEO
5th December 2024
The Board of Directors of Prudential Financial, the US insurance and investment firm, have appointed Andrew Sullivan as the company's next Chief Executive Officer (CEO), effective March 31st, 2025, succeeding Charles F. Lowrey Sullivan is currently Executive Vice President (EVP) and Head of International Businesses and Global Investment Management. Lowrey will remain ... Read the full article
Prudential to reinsure $11bn universal life block with Wilton Re
20th August 2024
Prudential Financial, a US insurance and investment firm, has entered into an agreement with Wilton Re to reinsure approximately $11 billion of reserves supporting a portion of its guaranteed universal life block. This deal is expected to generate roughly $350 million in proceeds after closing. The transaction involves policies issued by Pruco ... Read the full article
Prudential and RGA in $5.9bn pension risk transfer for Verizon
7th March 2024
Prudential Financial and Reinsurance Group of America (RGA) have been selected for a pension risk transfer involving Verizon Communications, settling approximately $5.9 billion of Verizon pension liabilities and providing retirement security for a population that includes 56,000 Verizon retirees and their beneficiaries. Under the terms of the transactions, Prudential and RGA ... Read the full article
Prudential Financial returns to profit in Q4 2023
7th February 2024
US insurance and investment firm, Prudential Financial, Inc., has reported fourth-quarter 2023 net income of $1.317 billion compared to a net loss of $52 million in the prior year's quarter. The insurer’s after-tax adjusted operating income was $943 million in Q4 2023, compared year over year to $932 million. The net income ... Read the full article
Prudential Financial and Warburg Pincus launch Prismic Life Re
8th September 2023
Prudential Financial, Inc. and Warburg Pincus have announced the launch of Prismic Life Reinsurance, Ltd, a licensed Class E Bermuda-based life and annuity reinsurance company. A group of global investors, along with Prudential and Warburg Pincus, have agreed to make an initial equity investment in the reinsurer of $1 billion. The two ... Read the full article
Prudential Financial transactions set to have favorable long-term impact: Fitch
3rd August 2023
Following the recent news that Prudential Financial, Inc., has entered into an agreement to reinsure $12.5 billion of in-force guaranteed universal life policies with Somerset Re, Fitch Ratings has confirmed that it views the announcement as being broadly credit neutral over the near term. The $12.5 billion block of business ... Read the full article
Prudential posts Q2’23 net income vs year-ago loss
2nd August 2023
Prudential Financial has reported a second quarter 2023 net income of $511 million, compared to a net loss of $1.010 billion a year ago. The current quarter included a net after-tax charge from annual assumption update and other refinements of $329 million versus a charge of $1.294 billion in the year-ago ... Read the full article
Prudential Financial reinsures guaranteed universal life block with Somerset Re
24th July 2023
Prudential Financial, Inc. has announced an agreement to reinsure a significant portion of its guaranteed universal life block with Somerset Re, leading to proceeds totaling approximately $450 million. Under this agreement, Somerset Re will reinsure reserves worth approximately $12.5 billion, which back Prudential's guaranteed universal life policies issued by Pruco Life ... Read the full article
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