Reinsurance News
Prudential Financial
Once again, UnitedHealth is the world’s largest insurer ranked by NPW
11th January 2023
Over 12% growth in net premiums written (NPW) in 2021 ensured that UnitedHealth Group Incorporated remains the world's largest insurance company when ranked by NPW, while global insurer Allianz sits atop the table when ranked by non-banking assets. Our directory of the World’s Largest Insurance Companies, which is ... Read the full article
Prudential Financial to revamp leadership teams in Q1 2023
27th October 2022
Prudential Financial is to revamp its US and international business leadership, with the changes coming into force in the first quarter of 2023. The firm said that Scott Sleyster is to retire as head of International Businesses, with Andy Sullivan, current executive vice president, set to lead international business and PGIM. ... Read the full article
Prudential to sell $31bn PALAC block of legacy variable annuities to Fortitude Re
15th September 2021
Prudential Financial has agreed to sell a portion of its in-force legacy variable annuity block to Fortitude Re for a total transaction value of $2.2 billion. Under the terms of the agreement, Prudential will sell one of its stand-alone legal entity subsidiaries, Prudential Annuities Life Assurance Corporation (PALAC), including PALAC’s in-force ... Read the full article
Prudential Financial sells Taiwan business to Taishin Financial
2nd July 2021
US insurance and investment firm Prudential Financial has completed the sale of its Taiwan based life insurance business to Taishin Financial Holding Co., Ltd., following a successful regulatory review. The sale of Prudential Life Insurance Company of Taiwan Inc was first announced back in August 2020, and saw the locally based Taishin ... Read the full article
PFI & Zurich close £6bn longevity reinsurance swap
28th April 2021
Prudential Financial subsidiary, The Prudential Insurance Company of America (PICA), and Zurich Assurance Ltd. have closed a £6 billion longevity swap with an unnamed UK pension scheme. The longevity risk was reinsured to the International Reinsurance business of PICA, with Zurich acting as intermediary on a ‘pass-through’ basis. The transaction, which closed ... Read the full article
Prudential backs new venture fund PruVen Capital
14th December 2020
PruVen Capital, a global, multistage venture firm backed by Prudential Financial, has launched its first fund with $300 million in capital to invest in technology startups that are still in development. The firm has a focus on startups in North America, Europe, Japan, Singapore and Australia. Led by Ramneek Gupta, PruVen Capital ... Read the full article
Longevity reinsurance market to end 2020 strong after a resilient H1: Prudential
13th July 2020
Prudential Retirement, part of Prudential Financial, Inc., has announced that it closed a significant $1.7 billion in new longevity reinsurance transactions during the first six months of 2020, and that it expects the market to end the year in a strong position. The company attributes its busy and successful start to ... Read the full article
Prudential Financial to sell Korean life unit for $1.9bn
16th April 2020
US insurance and investment firm Prudential Financial has announced that it plans to sell its Korean life insurance business to financial services provider KB Financial Group (KB). Under the terms of its agreement, Prudential Financial will sell 100% of The Prudential Life Insurance Company of Korea for a cash consideration of ... Read the full article
Prudential discloses $6bn longevity reinsurance deals with Rothesay Life
18th February 2020
Prudential Insurance Company of America (PICA), a business unit of Prudential Financial, Inc., has announced the completion of two previously undisclosed longevity reinsurance transactions with Rothesay Life. The two bulk annuity transactions were completed in the second half of 2019 and amount to $6 billion in new longevity reinsurance business. “2019 was ... Read the full article
AIG, Prudential & Principal reportedly discussed Voya takeover
9th January 2020
The Financial Times has reported that re/insurance giant AIG, life insurer Prudential Financial and asset manager Principal Financial Group were among the companies interested in acquiring U.S. retirement plan provider, Voya Financial. According to people briefed on the matter, says the Financial Times, Voya held discussions with AIG, Prudential, Principal Financial ... Read the full article
Somerset Re & Prudential execute business flow reinsurance treaty
12th November 2019
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 ... Read the full article
Prudential takes on $2.4bn of pension liabilities from Baxter
11th October 2019
The Prudential Insurance Company of America, a subsidiary of US insurance and investment firm Prudential Financial, Inc., has entered into a deal to take on $2.4 billion of pension liabilities from health care provider Baxter International. Under the agreement, Prudential will assume future benefit obligations and annuity administration for certain retirees ... Read the full article
Prudential set to acquire insurtech Assurance IQ
8th September 2019
US insurance and investment firm Prudential Financial has agreed to acquire Assurance IQ, an insurtech firm that matches buyers with customised insurance solutions. The transaction includes a total upfront consideration of $2.35 billion, plus an additional earnout of up to $1.15 billion in cash and equity, contingent upon Assurance achieving certain ... Read the full article
Sullivan to replace Pelletier as Prudential Financial EVP, Head of US
30th August 2019
US insurance and investment firm Prudential Financial has appointed Andrew Sullivan to succeed Stephen Pelletier as Executive Vice President and Head of US businesses. Pelletier, who is set to retire after 27 years at the firm, is expected to stay on in an advisory capacity until 1 April 2020. Sullivan's appointment is ... Read the full article
HSBC UK pension completes £7bn longevity swap with Prudential
6th August 2019
The Prudential Insurance Company of America (PICA), a subsidiary of Prudential Financial, Inc., has completed a longevity swap transaction with the HSBC Bank (UK) Pension Scheme. The longevity swap is the second largest transaction ever completed for a UK pension scheme, and concerns the longevity risk in relation to c£7 billion ... Read the full article
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