Reinsurance News
Prudential
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
Prudential names Anil Wadhwani as new Group Chief Executive
26th May 2022
Global life insurer, Prudential plc has announced the appointment of Anil Wadhwani as Group Chief Executive Officer (CEO). He will join the company from Manulife, where he currently serves as President & CEO, Manulife Asia. Within his new role, he will based in Hong Kong, where he currently resides. Prudential has stated that ... Read the full article
Fortitude Re completes purchase of traditional variable annuities from Prudential
4th April 2022
Fortitude Re has completed its purchase of $31bn of traditional variable annuities from Prudential Financial. The agreement, originally announced in September last year, will see Fortitude Re acquire Prudential Annuities Life Assurance Corporation (PALAC) and rename it Fortitude Life Insurance & Annuity Company. Included in the sale is approximately $31bn of ... Read the full article
Prudential shuffles leadership amid departure of CEO Mike Wells
10th February 2022
Global life insurer Prudential plc has announced that Mike Wells, who became Group Chief Executive Officer (CEO) in 2015, is to leave the company at the end of March 2022 and will not stand for re-election as a Director at the firm's next AGM. Wells first joined the insurer in 1995 ... Read the full article
Prudential creates new senior leadership team for Jackson Financial
12th February 2021
UK insurer Prudential has created a new senior leadership team for its US business, Jackson Financial, ahead of Jackson's planned separation from the Group. Laura Prieskorn, previously Jackson's Executive Vice President and Chief Operating Officer, has been appointed Chief Executive Officer (CEO). She has worked at Jackson's for over 11 years, and ... Read the full article
Prudential Q4 income falls to $819m as company posts $374m loss for 2020
5th February 2021
Prudential has reported a fourth quarter 2020 net income of $819 million, down from the $1.128 billion achieved in the prior year quarter. Net income in the current quarter included $1.2 billion of pre-tax net realized investment losses and related charges and adjustments, driven by losses on derivatives, and also includes ... Read the full article
Jackson to separate from Prudential in Q2 demerger
28th January 2021
UK insurer Prudential has announced that its US business, Jackson National Life (Jackson), will fully separate from the group via a demerger in the second quarter of 2021. The demerger, also known as a spin-off in the US, will lead to a significantly earlier separation of Jackson than would have been ... Read the full article
Prudential appoints Caroline Feeney to lead US role
26th January 2021
Prudential Financial has appointed Caroline Feeney as CEO of its US Insurance & Retirement Businesses. She assumes this newly created role effective immediately and will be responsible for driving growth across the consolidated portfolio of US businesses, while ensuring alignment with PGIM, the company’s asset management business. As part of her role, ... Read the full article