Reinsurance News
Prudential
Prudential backed Prismic Life raises $1.3bn to expand its reinsurance platform
18th November 2025
Prismic Life Holding Company, LP (Prismic) has raised $1.3 billion in its third successful capital raise, sponsored by Prudential Financial, Inc. (PFI) and Warburg Pincus, and supported by participation of a global consortium of investors, providing the firm with additional capacity to grow its reinsurance platform. Prismic is a Bermuda-exempted limited ... 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 and RGA launch “first-in-market insurtech solutions” MedScreen+
28th October 2024
Prudential has announced the Hong Kong launch of MedScreen+, a digital underwriting tool developed in collaboration with Reinsurance Group of America, Incorporated (RGA), a global life and health reinsurer. By utilising optical character recognition (OCR) and artificial intelligence (AI) technology, RGA's MedScreen+ can reduce medical report assessment times to ... Read the full article
China approves new insurance ventures from BNP Paribas and Prudential
21st October 2024
China is further opening its massive insurance market by approving the establishment of separate insurance units for BNP Paribas and Prudential Financial. The National Financial Regulatory Administration (NFRA) greenlit a BNP Paribas joint venture with Volkswagen Financial Services, according to NFRA head Li Yunze. US-based Prudential Financial has also received approval for ... Read the full article
IBM transfers $6bn in pension obligations to Prudential in latest risk-reduction move
18th September 2024
IBM, a technology company, has filed an 8-K report outlining the transfer of a portion of its US defined benefit pension plan obligations to The Prudential Insurance Company of America, a provider of insurance and financial services. In recent years, IBM has taken steps to reduce the risk associated with its ... Read the full article
Prudential to oversee $221m in retirement benefits for Sound Retirement Trust
29th August 2024
The Prudential Insurance Company of America, a provider of insurance and financial services, has been selected for an industry-first pension risk transfer (PRT) involving a multi-employer plan. They will now oversee the retirement benefits for the Sound Retirement Trust, a Seattle-based joint labour-management board of trustees that provides retirement benefits to ... 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 Financial closes transaction with Somerset Re
4th April 2024
US insurance and investment firm, Prudential Financial, Inc. has successfully completed a major reinsurance transaction with Somerset Re involving a portion of its guaranteed universal life insurance block. The transaction, previously announced in July 2023, includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life ... 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
Estep to succeed Frias as President of Group Insurance, Prudential
12th February 2024
Prudential Financial, Inc., has announced that Mike Estep, head of product for Group Insurance, will succeed Yanela Frias as president of its Group Insurance business following Frias’ appointment as Prudential’s CFO. The company explained that the change is effective March 15, 2024. In his new role, Estep will report to Caroline Feeney, ... Read the full article
Prudential closes “jumbo” pension risk transfer with Shell USA
9th February 2024
Prudential Financial, Inc., a global provider of financial services, closed a pension risk transfer transaction with Shell USA, Inc., assuming $4.9 billion in pension obligations for 21,500 of the company’s US retirees. As a result of this transaction, PFI, through its subsidiary The Prudential Insurance Company of America, will be responsible ... Read the full article
Prudential targets growth for China life insurance joint-venture
22nd December 2023
Prudential plc, an international insurance giant, has approved a capital increase for its business in Mainland China to drive growth. CITIC-Prudential Life (CPL), a 50/50 joint venture with China's CITIC Bank, is said to be increasing its registered capital by RMB2.5 billion (US$351 million), with each shareholder contributing an equal amount in ... Read the full article
Nandini Mongia named President of Prudential Open-Architecture Solutions
26th June 2023
US insurance and investment firm Prudential Financial has appointed Nandini Mongia as President of Prudential Open-Architecture Solutions, effective June 19. In her new role, Mongia will lead the creation of an open-architecture platform, managing the supply and demand of asset and liability origination and overseeing Prudential’s reinsurance entities and third-party strategic ... Read the full article
IBM transfers portion of DB scheme to Prudential and MetLife
20th September 2022
Computer giant IBM has transferred a portion of its US-qualified defined benefit (DB) pension plan obligation to Prudential and MetLife. The firm said in an article on its website that the move was the ‘logical next step’ after several years looking to reduce the risk profile of its worldwide retirement-related plans ... Read the full article
Prudential confirms promotions to Group Executive Committee
24th June 2022
Prudential has announced an update on its Group leadership structure. Seck Wai-Kwong, Dennis Tan, Lilian Ng, and Solmaz Altin have all been promoted to the Group Executive Committee, effective July 1st, 2022. They will join current members, Mark FitzPatrick, James Turner, Avnish Kalra, and Jolene Chen. Tan, Ng ... Read the full article
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