Leveraging the of Prudential Financial’s industry-leading insurance capabilities, and PGIM's and Warburg Pincus’ public and private market asset management services …
strength
Led by a world-class leadership team with nearly 150 years¹ of combined insurance, investment, and risk management
trusted
expertise ...
Prismic's blend of expertise and provides reinsurance strategies designed to transform risk and gives institutional investors the opportunity to participate in reinsurance as an investment.
scalability
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¹ Based on Prismic executive leadership team as of September 6, 2023.
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A Platform for Growth
Prismic Life Re, a Bermuda-based life and annuity reinsurer, is a growth-oriented reinsurance platform that leverages Prudential Financial’s expertise and PGIM's and Warburg Pincus’ market-leading asset management franchises to help create long-term value for cedants.
We reinsure certain Prudential Financial, Inc. life and annuity policies and leverage PGIM’s and Warburg Pincus’ global investment management capabilities across public and private markets, including public fixed income, private credit, structured credit, real estate debt and equity, and private equity.
Led by a Diverse Team of Experts
Prismic provides ceding insurer clients with life insurance and annuity financial solutions.
Robust Risk Management
Prismic creates long-term value for ceding insurer clients through excellence in liabilities, capital, operations, and risk.
Scalable Operating Model
of combined insurance, investment, and risk management expertise in our leadership team
OVER
Public and private market asset management provided by PGIM and Warburg Pincus
assets under management at inception
Risk management
Exceptional
Prismic’s world-class management team is made up of respected industry-leading experts, including:
Amy Kessler
Chairperson & Chief Executive Officer
Read about Amy
Read about Michael
Chief Financial Officer
Michael Bohm
Read about Brent
Chief Actuary
Brent Dooley, FSA, MAAA
Read about Yasin
Chief Operating Officer
Yasin Rouf, FCA, CFA
Read about Katy
Head of Pricing & Underwriting
Katy Aronova, FSA, MAAA
Read about Christian
Head of Transactions & Chief Legal Officer
Christian Ercole
Amy.Kessler@prismiclife.com
LinkedIn
Career Highlights
30+ years of experience Founding leader of Prudential Financial’s International Reinsurance business, which has closed over $90bn in transactions under her leadership Led Prudential Financial’s groundbreaking $28bn captive longevity reinsurance transaction for British Telecom in 2014 Served as a key senior leader in the establishment of Prudential Financial’s Pension Risk Transfer business and as a principal in Public Finance and Pensions at Bear Stearns
•
Read Amy's full bio
Amy Kessler is Prismic's Chairperson & Chief Executive Officer. Prior to founding Prismic, Ms. Kessler was the senior vice president and head of International Reinsurance for Prudential Financial, Inc. She was the founding leader of the International Reinsurance business and led its successful development for over a decade. Under her leadership her team launched five lines of reinsurance, developed pricing capabilities for four countries and closed over $90 billion in profitable transactions. In addition, Ms. Kessler served as a key senior leader in the establishment and growth of Prudential Financial’s Pension Risk Transfer business which achieved $65 billion in sales and significant market leadership during her tenure. Ms. Kessler led the groundbreaking $28 billion captive longevity reinsurance transaction for British Telecom in 2014, which was named “Deal of the Year” by Risk magazine and earned Prudential Financial, Inc. top honors as “Reinsurer of the Year.” Ms. Kessler’s leadership enabled Prudential Financial, Inc. to repeat as “Reinsurer of the Year” in 2015, 2016, and 2017 for multiple transactions that consistently brought important advancements to the reinsurance market. With nearly 35 years of experience, Ms. Kessler is an innovator whose work has helped over 350 pension funds and insurance companies proactively manage risk and create retirement security for their beneficiaries. She was chosen as one of the “2014 Women to Watch” by Business Insurance magazine and she was named to Institutional Investor’s “Pension 40” list—a ranking of the 40 most influential people in pensions—in both 2014 and 2015. Ms. Kessler possesses both capital markets expertise and in-depth insight into the innovative reinsurance transactions occurring globally. Before joining Prudential Financial, Inc. , Ms. Kessler served as a principal at Bear Stearns and as Global Head of Pension ALM at Swiss Re in London. Ms. Kessler holds a bachelor’s degree in economics and a master’s degree in international economics and finance from Brandeis University, where she is a Vice Chairperson of the Board of the International Business School and the 2013 recipient of the Dean’s Medal.
Amy Kessler Chairperson & Chief Executive Officer
Led Prudential Financial’s transaction with Fortitude to divest a block of variable annuities Led the U.S.-based finance team in Prudential Financial’s International business and was the CFO of Prudential Financial’s divested business in Korea Served as VP within the Regulatory Coordination Office Held the position of CFO of Prudential Holdings of Japan Served as Business Unit Treasurer for Prudential Financial’s Retirement business at the time that the International Reinsurance business was launched First joined Prudential Financial, Inc. in 1998 within the annuities business, serving as controller for 9 years and was responsible for establishing U.S. GAAP reporting prior to demutualization
Read Michael's full bio
Michael.Bohm@prismiclife.com
Michael Bohm is Prismic's Chief Financial Officer. Prior to founding Prismic, Mr. Bohm was the lead for Prudential Financial, Inc. on the successful sale of a partial block of Prudential Financial's variable annuities to Fortitude Reinsurance. Until the end of 2020, Mr. Bohm led the U.S.-based finance team in Prudential Financial's International business and was the CFO of Prudential Financial’s divested business in Korea. Mr. Bohm lived in Korea and was responsible for Finance, Actuarial, and Investments and played the lead finance role for the divestiture. Previously, Mr. Bohm was a VP within the Regulatory Coordination Office. In this role, he was responsible for leading the Deterministic Projection Capabilities (DPC) Program. DPC was tasked with developing an end-to-end process that delivers a consistent and reliable projection of Prudential Financial’s key metrics over time, under multiple stress scenarios. Mr. Bohm also served a liaison role with the International businesses and Treasurer’s related to enhanced supervision. Mr. Bohm lived in Japan during 2011-2014 where he served as CFO of Prudential Holdings of Japan, Inc., which is the holding company supporting our insurance businesses in Japan. Prior to Japan, Mr. Bohm completed a rotation within Treasurer’s where he served as a business unit treasurer supporting the Closed Block, Individual Life, Annuities and Retirement businesses. He also held responsibilities related to PICA during the financial crisis, engagement with rating agencies, and the initial development of the risk-adjusted capital framework. Mr. Bohm first joined Prudential Financial, Inc. within the annuities business where he served as controller for nine years and was responsible for establishing US GAAP reporting prior to demutualization as well as the integration of American Skandia. Prior to joining Prudential Financial, Inc., Mr. Bohm was a senior manager at KPMG where he managed audit engagements within the insurance sector. He is a CPA and holds a bachelor’s degree in accounting from Montclair State University.
Michael Bohm Chief Financial Officer
Served as Vice President & Actuary leading Prudential Retirement’s valuation and projections group covering ~$250bn in reserves Served as Chief Actuary and Chief Risk Officer for a smaller, privately held life and annuity insurer Opining actuary for life insurers domiciled in Bermuda, New York, Connecticut, and Pennsylvania Prior actuarial experience includes roles focused on M&A, pricing, modelling, risk management, and financial reporting
Read Brent's full bio
Brent.Dooley@prismiclife.com
Brent Dooley is Prismic's Chief Actuary. Prior to founding Prismic, Mr. Dooley served as a vice president and actuary within Prudential Financial’s Retirement business, where he led valuation, actuarial financial reporting and reserve projections across Prudential Retirement’s product suite, including Pension Risk Transfer, International Reinsurance, Structured Settlements and Stable Value. In this role, Mr. Dooley also served as the Appointed Actuary for one of Prudential Financial’s insurance entities and co-led the actuarial work associated with Prudential’s recent sale of its full-service retirement business. Prior to joining Prudential Financial, Inc. in 2016, Mr. Dooley served as chief actuary and chief risk officer for a smaller, privately held life and annuity insurer with insurance operations in the U.S., Bermuda, and Europe. He also previously held actuarial roles focused on M&A, pricing, modeling and valuation at a publicly traded insurer and at Towers Perrin. Mr. Dooley holds a B.A. in mathematics/economics from Vanderbilt University and an M.A. in statistics from the Wharton School of the University of Pennsylvania. He is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.
Brent Dooley, FSA, MAAA Chief Actuary
Served as Vice President & Transaction Lead for Prudential Financial's International Reinsurance business Served as Vice President & Corporate Counsel for Prudential Financial’s Pension Risk Transfer and Longevity Risk Transfer businesses While an attorney at Willkie Farr & Gallagher LLP, advised on numerous insurance regulatory and transactional matters, including the record-setting $28bn captive longevity reinsurance transaction between British Telecom and Prudential Financial, Inc. in 2014
Read Christian's full bio
Christian.Ercole@prismiclife.com
Christian Ercole is Prismic's Head of Transactions & Chief Legal Officer. Prior to founding Prismic, Christian served as a vice president within Prudential Financial’s International Reinsurance business, charged with leading transaction-related activities in the longevity risk transfer and funded reinsurance markets, including specific client engagement, pipeline development, and negotiating price and transaction terms. Mr. Ercole joined Prudential Financial, Inc. in 2014 as Vice President & Corporate Counsel supporting the Pension Risk Transfer and Longevity Reinsurance groups. In this role, Mr. Ercole provided legal support on the negotiation of complex pension and longevity risk transfer transactions, as well as legal support for in-force blocks and new market initiatives. In 2018, Mr. Ercole joined Prudential’s International Reinsurance transaction team. Prior to joining Prudential Financial Inc., Mr. Ercole was in private practice in the corporate and financial services group of Willkie Farr & Gallagher LLP, where he specialized in insurance regulatory and transactional matters. While in this role, he advised on numerous insurance and reinsurance matters, including as outside counsel to Prudential in many of its award-winning longevity reinsurance transactions. Mr. Ercole earned a B.S. in business administration from Fordham University and a J.D. from NYU School of Law. He is a member of the New York State Bar Association.
Christian Ercole Head of Transactions & Chief Legal Officer
Katy Aronova is Prismic’s Head of Pricing and Underwriting. Ms. Aronova is responsible for pricing and underwriting of all transactions for the Prismic platform. Prior to founding Prismic, she served as vice president and actuary within Prudential Financial’s Retirement business, where she led pricing, underwriting, onboarding, and process improvements across the U.S. Pension Risk Transfer and Medical Risk Transfer products. In this role, Ms. Aronova oversaw capacity and development across a team of 15-20 pricers, leading to the successful pricing and underwriting of several key transactions over the past 7 years, including Baxter International ($2.5B 2019), Hewlett Packard ($5.2B 2021) and IBM ($8.2B 2022). She was also responsible for large-scale automation and process improvement projects. Prior to joining Prudential Financial’s PRT pricing team, Ms. Aronova worked in Prudential Retirement’s valuation team, focusing on valuation and financial reporting for Prudential Financial’s International Reinsurance business. Prior to joining Prudential Financial, Inc. in 2014, Ms. Aronova worked in actuarial consulting for Towers Watson, with a focus on pension plan valuation and plan design for large private companies. Ms. Aronova holds a B.A. in applied economics and management from Cornell University. She is a Fellow of the Society of Actuaries and a Member of the American Academy of Actuaries.
Katy Aronova, FSA, MAAA Head of Pricing and Underwriting
Served as Vice President & Actuary leading pricing and underwriting for Prudential Financial’s Pension Risk Transfer and Medical Risk Transfer blocks Led pricing and underwriting for most of Prudential Financial’s major PRT transactions over the past 7 years, including, most recently, the landmark Hewlett Packard (2021) and IBM (2022) transactions Prior to joining the Prudential Financial PRT pricing and underwriting team, Ms. Aronova served in a valuation role on Prudential Financial’s International Reinsurance team Prior to joining Prudential Financial, Ms. Aronova worked in actuarial consulting for Towers Watson, with a focus on corporate pension plans
Read Katy's full bio
Katy.Aronova@prismiclife.com
Head of Pricing and Underwriting
Extensive experience in controllership, capital & liquidity management, corporate finance, derivatives, audit, due diligence, and leading special projects Served as Vice President Derivative & Foreign Exchange (FX) Controller, Prudential Financial where he was responsible for derivatives and foreign exchange related financial reporting, analysis, forecast and accounting policy, including implementation of hedging strategies Served as Vice President Capital Management and FX hedging, Prudential Financial International Insurance and Individual Annuities businesses where he was responsible for managing capital, liquidity, and foreign currency exposure hedges related to each business, which included capital requirements for target M&A transactions Served as Director Financial Reporting in ALM Finance and Enterprise Valuation Group where he oversaw forecast & actual reporting and investment valuation
Read Yasin's full bio
Yasin.Rouf@prismiclife.com
Yasin Rouf is Prismic’s Chief Operating Officer. Mr. Rouf also serves as the Company’s Chief Information Security Officer and Reporting Officer. Prior to founding Prismic, Mr. Rouf served as vice president in Prudential Financial's corporate treasury department, and was responsible for capital and liquidity management, collateral funding, currency risk hedging and M&A transactions. Prior to this, Mr. Rouf held multiple positions in Prudential Financial, Inc., where his responsibilities ranged from investment valuation and forecasting to financial reporting and setting up new functions and controls. Prior to joining Prudential Financial, Inc., Mr. Rouf lived in Canada during 1994 – 2000. There Mr. Rouf served as deputy controller of First American Title Insurance (Canadian operations) where he co-led standing up the finance function, internal controls, budgeting process and financial reporting infrastructure. Prior to that Mr. Rouf served as manager at D&T Toronto where he managed audit and due diligence engagements within the multinational manufacturing sector. Prior to Canada, Mr. Rouf lived in the U.K., where he worked at Appleby & Wood managing audit engagements in the consumer retail sector. Mr. Rouf holds a B.A. in Accounting from Dhaka University. He is a Fellow of Chartered Accountant (U.K.) and a Chartered Financial Analyst.
Yasin Rouf, FCA, CFA Chief Operating Officer
Read about Rob
Vice President, Financial Operations
Rob Burkhart
Chief Risk Officer
Michael DeWeirdt, FRM, CFA
Rob Burkhart is Prismic's Vice President of Financial Operations. Prior to founding Prismic, Mr. Burkhart was Controller of Prudential Financial’s wholly owned subsidiary Assurance IQ, overseeing the accounting, reporting, and revenue valuation operations of Assurance. Mr. Burkhart joined Prudential Financial, Inc. in 2019 and worked in Financial Reporting and Accounting Operations for Prudential Financial’s Retirement segment from 2019 through 2021 where he served as controller of the segment’s regulated legal entities. He also co-led the accounting work associated with Prudential’s sale of its full-service retirement business. Prior to joining Prudential Financial, Inc., Mr. Burkhart worked as a director at PwC where he served publicly and privately-held insurance and financial service companies across the insurance sector.
Rob Burkhart Vice President, Financial Operations
Michael DeWeirdt is Prismic's Chief Risk Officer. Prior to founding Prismic, Mr. DeWeirdt served in various executive roles including Chief Risk Officer, Chief of Investment Strategies, Chief Product Officer, and Head of Annuities at Ohio National Financial Services. Previously, Mr. DeWeirdt led Milliman’s Capital Markets and Hedging Advisory practice, which provided outsourced risk management services to global reinsurers and direct writers. Mr. DeWeirdt also held positions with JP Morgan where he was providing risk management solutions to U.S. insurance companies, and AVM LP/III Funds, a fixed income hedge fund. He began his career at Arthur Andersen where he was an auditor in the Financial Services Division, covering insurance companies and banks. Mr. DeWeirdt earned his MBA in Finance from the University of Chicago Graduate School of Business and earned a Bachelor of Science in Accounting from the University of Illinois. He is a Financial Risk Manager and a Chartered Financial Analyst.
Michael DeWeirdt Chief Risk Officer
35+ years of experience in the financial industry Served in various executive roles including Chief Risk Officer, Chief of Investment Strategies, Chief Product Officer and Head of Annuities at Ohio National Financial Services Led Milliman’s Capital Markets and Hedging Advisory practice Provided risk management solutions at JP Morgan and was an auditor in the Financial Services Division at Arthur Andersen
Michael.DeWeirdt@prismiclife.com
Served as Controller of Prudential Financial ’s wholly owned subsidiary Assurance IQ, overseeing accounting, reporting, and revenue valuation operations Joined Prudential Financial, Inc. in 2019 and worked in Financial Reporting and Accounting Operations for Prudential Financial’s Retirement segment from 2019-2021 Prior to joining Prudential Financial, Inc., Mr. Burkhart worked as a director at PwC where he managed audit and advisory engagements within the insurance sector
Read Rob's full bio
Robert.Burkhart@prismiclife.com
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Prudential Financial, Inc. (Prudential) and Warburg Pincus, alongside a group of capital partners, have sponsored the launch of Prismic, a licensed Bermuda-based life and annuity reinsurance company.
Prudential and Warburg Pincus announce launch of Prismic reinsurance platform
September 2023
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The Prismic management team appreciates the support of its service providers and advisors, including Agam Capital Management LLC, Appleby (Bermuda) Limited, Ernst & Young LLP, Expertise Limited, Marsh Management Services (Bermuda) Ltd., PwC Ltd. and State Street Bank and Trust Company.
at Prismic
Contact us
amy.kessler@prismiclife.com
For all inquiries:
Connect
christian.ercole@prismiclife.com
September 7, 2023
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ABOUT PRUDENTIAL Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of June 30, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com. ABOUT WARBURG PINCUS Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $112 billion in over 1,000 companies in more than 40 countries. Warburg Pincus has been a leading investor in the insurance industry for 30 years, investing more than $5 billion in equity capital across more than 20 investments, globally. These investments include Aeolus Re, Arch Capital, Fortegra, Foundation Risk Partners, ICICI Lombard Insurance, K2 Insurance Services, McGill & Partners, RenaissanceRe, and Somers Re, amongst others. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com. Follow us on LinkedIn.
$10 billion initial reinsurance transaction and $1 billion equity capital investment establishes new reinsurance platform positioned for scale and long-term growth on behalf of customers
Prudential Forward-Looking Statements Certain of the statements included in this release, such as those regarding the launch of Prismic, reinsurance transactions involving Prismic, the provision of asset management services to Prismic, the anticipated increase in Prudential’s underwriting capabilities, equity investments in Prismic by global investors and other institutions, the leadership and operation of Prismic following its launch, and the impact of Prismic on Prudential’s business and strategy, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Prudential’s forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential’s Annual Report on Form 10-K. Prudential does not undertake to update any particular forward-looking statement included in this document. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, an international group incorporated in the United Kingdom or the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
NEWARK, N.J., Sept. 7, 2023 - Prudential Financial, Inc. (NYSE: PRU) (Prudential) and Warburg Pincus today announced the launch of Prismic Life Reinsurance, Ltd. (Prismic), a licensed Class E Bermuda-based life and annuity reinsurance company. Prudential and Warburg Pincus, together with a group of investors, have agreed to make equity investments in Prismic and will oversee its long-term strategy through participation on its board of directors. Prudential expects to reinsure to Prismic a block of structured settlement annuity contracts with reserves of approximately $10 billion, subject to the receipt of required regulatory approvals. Prudential’s obligations to the holders of these annuities will remain unchanged following the reinsurance arrangement and Prudential will continue to administer the contracts. From there, Prudential aims for Prismic to be a strategic reinsurance partner with the ambition to grow their reinsurance relationship materially in years to come. PGIM and Warburg Pincus will provide asset management services to Prismic. Through expanded reinsurance capacity, Prudential expects Prismic will allow the company to provide more people with access to its industry-leading life and annuity products. Charles Lowrey, chairman and CEO of Prudential Financial, Inc., comments: “This unique reinsurance platform will play an important role in our vision to be a global leader in expanding access to investing, insurance, and retirement security for people around the world. Prismic will enhance our ability to address the evolving needs of our insurance customers and clients while continuing to meet our obligations to policyholders. It represents a formidable combination of industry-leading expertise, global capabilities, and the backing of two of the world’s leading insurance and asset management firms.” A group of global investors has agreed to make equity investments in Prismic, alongside Prudential and Warburg Pincus, giving Prismic a combined initial equity investment of $1 billion. Prudential and Warburg Pincus will initially own 20% and 15% of the equity in Prismic, respectively. Prismic’s board will include two independent directors and one director nominated by each of Prudential, Warburg Pincus, and the group of investors.
Charles Lowrey Chairman & CEO, Prudential
“This unique reinsurance platform will play an important role in our vision to be a global leader in expanding access to investing, insurance and retirement security for people around the world.
Chip Kaye CEO, Warburg Pincus
“Warburg Pincus is thrilled to enter into this strategic partnership with Prudential in the creation of Prismic.”
MEDIA CONTACTS Laura Edling Prudential +1 973-529-2392 laura.edling@prudential.com
Kerrie Cohen Warburg Pincus +1 212-878-9207 kerrie.cohen@warburgpincus.com
Prismic will leverage PGIM’s and Warburg Pincus’ global investment management capabilities across public and private markets, including public fixed income, private credit, private real estate, and private equity. Prismic will become a client of PGIM Portfolio Advisory, a newly established affiliate within PGIM that combines asset-liability management expertise with portfolio strategy and asset allocation to deliver integrated solutions across public and private asset classes. Chip Kaye, CEO, Warburg Pincus, said: “Warburg Pincus is thrilled to enter into this strategic partnership with Prudential in the creation of Prismic. The combination of Prudential’s significant in-force and new business origination capabilities, PGIM’s expertise in public fixed income, private credit, and real estate with our private markets investment capabilities presents Prismic with a unique opportunity for future, sustainable growth. Prismic’s strategy of enhancing long-term investment returns through an end-to-end ecosystem of liability origination, asset-liability management, and asset management clearly aligns with our focus on long-term fundamental value creation. We look forward to the partnership with Prudential and the success of Prismic.” Prismic will be led by Amy Kessler, a 30-year financial services industry veteran, who will serve as CEO. Kessler was the founding leader of Prudential’s international reinsurance business. Nandini Mongia, president of Prudential’s Open-Architecture Solutions, will represent Prudential on Prismic’s board. Mongia most recently served as Prudential’s treasurer where she played a leading role in the creation of this reinsurance platform. Mike Thompson, managing director, will represent Warburg Pincus on Prismic’s board.
Prudential Financial, Inc. Forward-Looking Statements Certain of the statements included in this release, such as those regarding the launch of Prismic, reinsurance transactions involving Prismic, the provision of asset management services to Prismic, the anticipated increase in Prudential Financial’s underwriting capabilities, equity investments in Prismic by global investors and other institutions, the leadership and operation of Prismic following its launch, and the impact of Prismic on Prudential Financial’s business and strategy, constitute forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “expects,” “believes,” “anticipates,” “includes,” “plans,” “assumes,” “estimates,” “projects,” “intends,” “should,” “will,” “shall” or variations of such words are generally part of forward-looking statements. Prudential Financial’s forward-looking statements are made based on management’s current expectations and beliefs concerning future developments and their potential effects upon Prudential Financial, Inc. and its subsidiaries. There can be no assurance that future developments affecting Prudential Financial, Inc. and its subsidiaries will be those anticipated by management. These forward-looking statements are not a guarantee of future performance and involve risks and uncertainties, and there are certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements. Certain important factors that could cause actual results to differ, possibly materially, from expectations or estimates reflected in such forward-looking statements can be found in the “Risk Factors” and “Forward-Looking Statements” sections included in Prudential Financial’s Annual Report on Form 10-K. Prudential does not undertake to update any particular forward-looking statement included in this document. Prudential Financial, Inc. of the United States is not affiliated in any manner with Prudential plc, an international group incorporated in the United Kingdom or the Prudential Assurance Company, a subsidiary of M&G plc, a company incorporated in the United Kingdom.
ABOUT PRUDENTIAL FINANCIAL, INC. Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of June 30, 2023, has operations in the United States, Asia, Europe, and Latin America. Prudential Financial’s diverse and talented employees help make lives better by creating financial opportunity for more people by expanding access to investing, insurance, and retirement security. Prudential Financial’s iconic Rock symbol has stood for strength, stability, expertise, and innovation for nearly 150 years. For more information, please visit news.prudential.com. ABOUT WARBURG PINCUS Warburg Pincus LLC is a leading global growth investor. The firm has more than $83 billion in assets under management. The firm’s active portfolio of more than 250 companies is highly diversified by stage, sector, and geography. Warburg Pincus is an experienced partner to management teams seeking to build durable companies with sustainable value. Founded in 1966, Warburg Pincus has raised 21 private equity and 2 real estate funds, which have invested more than $112 billion in over 1,000 companies in more than 40 countries. Warburg Pincus has been a leading investor in the insurance industry for 30 years, investing more than $5 billion in equity capital across more than 20 investments, globally. These investments include Aeolus Re, Arch Capital, Fortegra, Foundation Risk Partners, ICICI Lombard Insurance, K2 Insurance Services, McGill & Partners, RenaissanceRe, and Somers Re, amongst others. The firm is headquartered in New York with offices in Amsterdam, Beijing, Berlin, Hong Kong, Houston, London, Luxembourg, Mumbai, Mauritius, San Francisco, São Paulo, Shanghai, and Singapore. For more information please visit www.warburgpincus.com. Follow us on LinkedIn.
Charles Lowrey Chairman & CEO, Prudential Financial, Inc.
NEWARK, N.J., Sept. 7, 2023 - Prudential Financial, Inc. (NYSE: PRU) (Prudential) and Warburg Pincus today announced the launch of Prismic Life Reinsurance, Ltd. (Prismic), a licensed Class E Bermuda-based life and annuity reinsurance company. Prudential and Warburg Pincus, together with a group of investors, have agreed to make equity investments in Prismic and will oversee its long-term strategy through participation on its board of directors. Prudential Financial, Inc. expects to reinsure to Prismic a block of structured settlement annuity contracts with reserves of approximately $10 billion, subject to the receipt of required regulatory approvals. Prudential Financial’s obligations to the holders of these annuities will remain unchanged following the reinsurance arrangement and Prudential Financial, Inc. will continue to administer the contracts. From there, Prudential Financial, Inc. aims for Prismic to be a strategic reinsurance partner with the ambition to grow their reinsurance relationship materially in years to come. PGIM and Warburg Pincus will provide asset management services to Prismic. Through expanded reinsurance capacity, Prudential Financial, Inc. expects Prismic will allow the company to provide more people with access to its industry-leading life and annuity products. Charles Lowrey, chairman and CEO of Prudential Financial, Inc., comments: “This unique reinsurance platform will play an important role in our vision to be a global leader in expanding access to investing, insurance, and retirement security for people around the world. Prismic will enhance our ability to address the evolving needs of our insurance customers and clients while continuing to meet our obligations to policyholders. It represents a formidable combination of industry-leading expertise, global capabilities, and the backing of two of the world’s leading insurance and asset management firms.” A group of global investors has agreed to make equity investments in Prismic, alongside Prudential Financial, Inc. and Warburg Pincus, giving Prismic a combined initial equity investment of $1 billion. Prudential Financial, Inc. and Warburg Pincus will initially own 20% and 15% of the equity in Prismic, respectively. Prismic’s board will include two independent directors and one director nominated by each of Prudential Financial, Inc., Warburg Pincus, and the group of investors. Prismic will leverage PGIM’s and Warburg Pincus’ global investment management capabilities across public and private markets, including public fixed income, private credit, private real estate, and private equity. Prismic will become a client of PGIM Portfolio Advisory, a newly established affiliate within PGIM that combines asset-liability management expertise with portfolio strategy and asset allocation to deliver integrated solutions across public and private asset classes. Chip Kaye, CEO, Warburg Pincus, said: “Warburg Pincus is thrilled to enter into this strategic partnership with Prudential Financial, Inc. in the creation of Prismic. The combination of Prudential Financial’s significant in-force and new business origination capabilities, PGIM’s expertise in public fixed income, private credit, and real estate with our private markets investment capabilities presents Prismic with a unique opportunity for future, sustainable growth. Prismic’s strategy of enhancing long-term investment returns through an end-to-end ecosystem of liability origination, asset-liability management, and asset management clearly aligns with our focus on long-term fundamental value creation. We look forward to the partnership with Prudential and the success of Prismic.” Prismic will be led by Amy Kessler, a 30-year financial services industry veteran, who will serve as CEO. Kessler was the founding leader of Prudential Financial’s international reinsurance business. Nandini Mongia, president of Prudential Financial’s Open-Architecture Solutions, will represent Prudential on Prismic’s board. Mongia most recently served as Prudential Financial’s treasurer where she played a leading role in the creation of this reinsurance platform. Mike Thompson, managing director, will represent Warburg Pincus on Prismic’s board.
MEDIA CONTACTS Laura Edling Prudential Financial, Inc. +1 973-529-2392 laura.edling@prudential.com
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