Reinsurance News
Prudential
Prudential completes pension transaction with Aviva
30th October 2020
Prudential Retirement, a business unit of Prudential Financial (PFI), is expanding its global longevity reinsurance business with a new offering driven by a huge growth in the UK pension market. PFI's first transaction in the emerging funded reinsurance market closed in June with UK insurer, Aviva. The UK market for pension bulk ... Read the full article
Prudential UK announces US reinsurance transaction & investment by Athene
18th June 2020
Prudential plc has reached an agreement with Athene Holding Ltd under which its reinsurance unit, Athene Life Re Ltd, will invest $500 million in Prudential's U.S. business (Jackson) in return for an 11.1% economic interest. Additionally, Athene Life Re has fully reinsured a $27.6 billion in-force portfolio of Jackson's US fixed ... Read the full article
COVID-19 related market turmoil pushes Prudential to $271mn Q1 net loss
6th May 2020
Prudential Financial, Inc. has reported a net loss of $271 million for the first-quarter of 2020, driven by significant net realised investment losses, impairment related losses, and losses related to market experience updates. A net loss of $271 million compares with net income of $932 million reported for the same period ... Read the full article
Fitch downgrades Prudential’s Jackson off IPO pursuit
16th March 2020
Fitch Ratings has downgraded the Insurer Financial Strength ratings of Jackson National Life Insurance Co. and Jackson National Life Insurance Co. of New York to 'A+' from 'AA-'. At the same time, Fitch downgraded its ratings on Jackson's Long-Term Issuer Default Rating to 'A' from 'A+'. The Rating Outlook is Negative. This ... Read the full article
Prudential is planning for a minority IPO of its US arm, Jackson
11th March 2020
UK insurer Prudential has announced that it is preparing for a minority Initial Public Offering (IPO) of its U.S. business, Jackson National Life (Jackson), following recent proposals from the company's second largest shareholder, Third Point. Towards the end of February, founder of U.S. hedge fund Third Point and activist investor, Daniel ... Read the full article
Third Point’s Loeb urges Prudential to split PruAsia, Jackson
25th February 2020
US hedge fund Third Point has urged Prudential to split its two separately managed franchises, Prudential Corporation Asia (PruAsia) and Jackson National Life (Jackson), in order to optimise growth and drive higher valuation. In an open letter addressed to Prudential’s board, Third Point founder and activist investor Daniel Loeb said his ... Read the full article
Court ruling on Prudential/Rothesay expected to disrupt de-risking plans: Fitch
28th August 2019
A recent UK High Court judgement to block Prudential's proposed £12 billion annuities transfer to Rothesay Life, is a sign that some insurers will likely have to retain business that they hoped to offload, warns Fitch Ratings. The proposed Part VII portfolio transfer from Prudential to Rothesay Life, which followed ... Read the full article
Prudential’s £12bn annuities transfer to Rothesay blocked by High Court
16th August 2019
A UK High Court judgement has blocked Prudential's proposed £12 billion annuities transfer to longevity re/insurer Rothesay Life. The Part VII portfolio transfer was first announced by Prudential in March 2018 as part of plans to demerge its UK & Europe business. The High Court judgement supposedly has no impact on ... Read the full article
Bright spots exist but overall, longevity market has more to do on efficiency: Kessler, Prudential
26th April 2019
In certain instances, the efficient management of longevity risk transactions does exist, but as a whole, the marketplace has more work to do throughout the process, from start to finish. This is according to the Head of the Longevity Risk Transfer at Prudential Financial, Inc. in the U.S., Amy Kessler, who ... Read the full article
Favourable conditions suggest record-breaking year ahead for longevity risk transfer: Kessler, Prudential
27th March 2019
Pension funds are continuing to take advantage of favourable longevity risk transfer conditions, and it’s expected that 2019 will be another record breaking year for the market, according to Amy Kessler, Head of the Longevity Risk Transfer, Prudential Financial Inc. of the U.S. Pension funds across the UK, U.S. and Canada ... Read the full article
Pension reinsurance market growing at fastest pace in years: Prudential’s Kessler
27th December 2018
The pension de-risking market is growing at its fastest pace in years, in part because such activity has become more affordable than at any point in the last decade, according to the Head of Longevity Risk Transfer at Prudential Financial Amy Kessler. Providing an outlook for the longevity reinsurance market over ... Read the full article
Prudential takes on $1.6bn in pension liabilities from International Paper
2nd October 2018
The Prudential Insurance Company, a subsidiary of Prudential Financial is to assume responsibility for paying pension benefits to ~23,000 of International Paper’s retirees, following an agreed transfer of $1.6 billion in pension liabilities. The agreement is the second pension risk transfer between the two companies in just over a year. Last ... Read the full article
Ping An considers acquisition of Prudential’s Asia business
14th August 2018
Ping An Insurance, China’s largest insurer by market value, is considering an acquisition of Prudential Plc’s Asia business, according to sources at Bloomberg. The move would allow Ping An to expand into new insurance markets from Singapore to Indonesia, and would bring it into competition with international companies such as AIA ... Read the full article
Prudential takes on $1.4bn of pension longevity risk from Aviva
8th August 2018
Prudential Retirement, part of Prudential Financial, has reinsured longevity risk for approximately £1 billion (nearly $1.4 billion) in pension liabilities from Aviva Life and Pensions, the first such transaction between the two companies. The deal comes amid a rising appetite for de-risking in the U.K as attractive pricing and enhanced capacity ... Read the full article
Prudential develops digital claims solutions for hospitals
28th June 2018
Prudential Hong Kong Limited has developed two new digital solutions to streamline the way consumers and medical professionals manage hospital claims in Hong Kong. Its new ‘Hospital to Prudential’ portal is designed to provide a simple, paperless hospital claims process for both customers and operators, while its Chatbot Claims platform aims ... Read the full article
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