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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of expertise and scalability
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
Nandini Mongia
Group Executive Chair & CEO
Read about Nandini
Read about Michael
Chief Financial Officer
Michael Bohm
Read about Brent
Chief Actuary
Brent Dooley, FSA, MAAA
Read about Steve
Chief Executive Officer, Prismic Life Reinsurance, Ltd
Steve Hales
Read about Katy
Head of Pricing, U.S.
Katy Aronova, FSA, MAAA
Read about Christian
Chief Legal Officer
Christian Ercole
Nandini.Mongia@prismiclife.com
LinkedIn
Career Highlights
25+ years of experience Played a leading role in the creation of the Prismic platform As president, led Open-Architecture Solutions at Prudential, overseeing their wholly owned offshore reinsurance entities Served as Treasurer of Prudential, and earlier worked as an investment banker at firms including Deutsche Bank, Credit Suisse, and Lehman Brothers
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Read Nandini's full bio
Nandini Mongia is Group Executive Chair and CEO of Prismic, responsible for developing and executing the company’s global growth strategy across multiple jurisdictions. Most recently, Ms. Mongia was president of Open-Architecture Solutions at Prudential Financial, Inc., where she oversaw Prudential’s wholly owned offshore reinsurance entities. She also represented Prudential on Prismic’s Board, having played a leading role in the creation of the Prismic platform. Ms. Mongia brings to Prismic more than 25 years of experience in insurance company balance sheet and business management, delivering on customer promises and stakeholder expectations and building and leading high-performing teams. Before leading Open-Architecture Solutions, she served as Treasurer of Prudential, and previously, as CFO of Prudential Retirement. Prior to joining Prudential, Ms. Mongia was an investment banker at firms including Deutsche Bank, Credit Suisse, and Lehman Brothers, in addition to holding business planning and management consulting roles. Ms. Mongia earned a Bachelor of Commerce degree with honors from Delhi University and a Master of Business Administration degree in Finance and Corporate Strategy from the Stephen M. Ross School of Business at the University of Michigan.
Nandini Mongia Group Executive Chair & CEO
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 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 Chief Legal Officer
Katy Aronova is Prismic’s Head of Pricing for the U.S. 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 seven 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, U.S.
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
25+ years of experience Served as CEO of Resolution Re, a Bermudian asset-intensive reinsurer, where he built the business from start-up phase to fully fledged international reinsurer As Head of Global Life at Assicurazioni Generali, he led initiatives related to group-level data science and IoT Worked for AXA Spain as Head of Life Insurance, and later for AXA as Head of Life & Health for Southern Europe, MENA and Latin America
Read Steve's full bio
Steve.Hales@prismiclife.com
Steve Hales is Chief Executive Officer of Prismic Life Reinsurance, Ltd. Previously, Mr. Hales was CEO of Resolution Re, a Bermudian asset-intensive reinsurer. During his five years there, he built out its business and operations from early start-up phase to fully fledged international reinsurer, with significant assets under management in several markets and currencies. Earlier in his career, Mr. Hales was Head of Global Life at Assicurazioni Generali based in Trieste, Italy, where he was also responsible for the Group level data science and IoT initiatives. From 1997 to 2012, Mr. Hales lived in Madrid, Spain, having transferred from Tillinghast London as a senior actuarial consultant. In 2005, Mr. Hales joined AXA, initially as Head of Life Insurance for AXA Spain, and subsequently as Head of Life & Health for Southern Europe, MENA, and Latin America. Mr. Hales holds a BA in Philosophy, Politics, and Economics from Oxford University. He is a Fellow of the Institute of Actuaries (FIA).
Steve Hales Chief Executive Officer Prismic Life Reinsurance, Ltd
Read about Rob
Controller & Head of Financial Operations
Rob Burkhart
Chief Risk Officer
Michael DeWeirdt, FRM, CFA
Rob Burkhart is Prismic's Controller & Head 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 Controller & Head of 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
Our management team is made up of respected industry experts
20+ years of experience Led the structuring of reinsurance transactions by addressing accounting and regulatory issues, optimizing risk allocation, and aligning operational expectations at Athora Life Re Ltd. as Chief Pricing Officer Steered the balance sheet by establishing risk appetite and supported capital raise initiatives and rating agency diligence at Athora Life Re Ltd. as Chief Actuary Established a scalable reinsurance platform by developing in-house capabilities and leveraging outsourced and shared services
Read Wendy's full bio
Head of Pricing, Bermuda
Wendy Yu
22 years of experience Helped found Prudential’s Longevity Reinsurance and Pension Risk Transfer business as Head of Pricing Worked to establish Prudential’s presence in Africa as head of business development and Group Chief Operating Officer with overall accountability for the operating subsidiaries in West Africa
Read Nigel's full bio
Nigel.Nunoo@prismiclife.com
Nigel Nunoo
Read about Nigel
Read about Ronisa
Head of Compliance
Ronisa deFontes
Read about Wendy
20+ years of insurance industry experience, encompassing areas such as banking, compliance, data protection, insurance brokerage, healthcare, casualty underwriting, and risk management Served as Director of Regulatory & Compliance at Athene Holds Chartered Regulatory Analyst and Compliance Officer certifications, and is accredited as a Data Privacy Officer Worked at the BMA in Insurance Supervision
Read Ronisa's full bio
Ronisa.deFontes@prismiclife.com
Nigel Nunoo is Chief Actuary of Prismic, having joined the company in March 2024. Earlier, Mr. Nunoo spent 22 years at Prudential Financial in a variety of positions spanning actuarial, investments, and business development. In his most recent role there, he led Prudential International’s strategic entry into the African market by partnering with a private equity firm to acquire businesses on the continent. Mr. Nunoo also helped found Prudential’s International Reinsurance business as Vice President and subsequently became head of pricing for the Pension Risk Transfer business. He joined Prudential’s Actuarial Leadership Development Program in 2002 and held a variety of roles as part of the program, ultimately graduating into a permanent role as the Regional Actuary for Europe. Mr. Nunoo earned a BA in Mathematics and Economics from Wabash College and an MBA from Columbia University. He is a Fellow of the Society of Actuaries and a CFA charter-holder.
Nigel Nunoo Chief Actuary
Ronisa deFontes is Head of Compliance at Prismic. Mrs. DeFontes brings more than 20 years of insurance industry experience to her role, having built an extensive and diverse background that includes banking, compliance, data protection, insurance brokerage, healthcare, and casualty underwriting, as well as regulatory and risk management. Before joining Prismic, Mrs. DeFontes held the position of Director of Compliance and Regulatory Affairs at Athene Life Re Ltd. Her expertise encompasses privacy and records retention initiatives, ensuring regulatory compliance in alignment with the standards established by governing bodies such as the Register of Companies and the Bermuda Monetary Authority. Additionally, she has a strong track record in establishing and maintaining compliance frameworks, policies, and procedures. Ronisa holds an MBA in International Business along with an Associate in Risk Management (ARM). She is a certified Chartered Regulatory Analyst (CRA) and Certified Compliance Officer (CCO) and is accredited as a Data Privacy Officer.
Ronisa deFontes Head of Compliance
Wendy Yawen Yu, FSA, MAAA, is Chief Head of Pricing, Bermuda for Prismic. Ms. Yu earlier served as Chief Pricing Officer of Athora Life Re Ltd. In this role, Ms. Yu was responsible for the pricing process and represented Athora on transactions in regulatory interactions. She also led the structuring of reinsurance transactions by addressing accounting and regulatory issues, optimizing risk allocation, and aligning operational expectations. Previously, as Chief Actuary of Athora Life Re Ltd., Ms. Yu established a scalable reinsurance platform by developing in-house capabilities and leveraging outsourced and shared services. She also steered the balance sheet by establishing risk appetite and supported capital raise initiatives and rating agency diligence. Ms. Yu earlier served as VP, Global Acquisitions at RGA where she led due diligence activities related to pricing and product analysis to assess whether target business is compatible with RGA’s capabilities and risk philosophies. Prior to joining RGA, Ms. Yu held the position of AVP, Investment Strategy at Manulife. She was responsible for the optimization of investment returns given asset sourcing opportunities, the underlying product profile, and tax/capital/risk requirements to enhance earnings and product competitiveness. In her previous role at Manulife, Ms. Yu served as AVP, Product Risk Management, developing and enhancing product design/pricing standards and best practices for policyholder contract provisions to encourage alignment with corporate strategy. Ms. Yu holds a B.Math from University of Waterloo. She is a Fellow of the Society of Actuaries and a Member of the America Academy of Actuaries.
Wendy Yu Head of Pricing, Bermuda
Wendy.Yu@prismiclife.com
Katy Aronova is Prismic’s Head of Pricing for the U.S. 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’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’s PRT pricing team, Ms. Aronova worked in Prudential Retirement’s valuation team, focusing on valuation and financial reporting for Prudential’s International Reinsurance business. Prior to joining Prudential 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.
Michael DeWeirdt is Prismic's Interim 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.
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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.
Prismic Life announced the establishment of PrismicLife Solutions & Brokerage K.K., a Japan registered insurance broker. Based in Tokyo, it will provide Japanese clients with reinsurance structuring solutions, leveraging capacity and capabilities from across the reinsurance market.
Prismic Life Announces Launch of PrismicLife Solutions & Brokerage K.K.
October 17, 2024
Prismic Life (Prismic) announced on November 21 that it has appointed Nandini Mongia as Group Executive Chair and CEO of Prismic. In this newly created role, Nandini will be responsible for developing and executing Prismic’s global growth strategy across multiple jurisdictions.
Prismic Life Appoints Nandini Mongia as Group Executive Chair and CEO
November 21, 2024
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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.
“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."
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
Prismic Life announced the establishment of PrismicLife Solutions & Brokerage K.K., a Japan registered insurance broker. Based in Tokyo, it will provide Japanese clients with reinsurance structuring solutions, leveraging capacity and capabilities from across the reinsurance market. Prismic has appointed Simon Armand-Smith as chief executive officer and representative director of PrismicLife Solutions & Brokerage K.K. Other senior appointments include Kiichi Sako, head of Broking & Reinsurance, and Hirotaka Kato, senior coverage officer. The leadership team previously held senior positions in the reinsurance and investment banking sectors in Japan.
CONTACT Simon Armand-Smith CEO & Representative Director simon.armand-smith@prismiclifesolutions.co.jp
Prismic Life (Prismic) announced on November 21 that it has appointed Nandini Mongia as Group Executive Chair and CEO of Prismic. In this newly created role, Nandini will be responsible for developing and executing Prismic’s global growth strategy across multiple jurisdictions. Most recently, Mongia was president of Open-Architecture Solutions at Prudential Financial, Inc. (NYSE:PRU), where she oversaw Prudential’s wholly owned off-shore reinsurance entities. She also represented Prudential on Prismic’s Board, having played a leading role in the creation of the Prismic platform. Mongia brings to Prismic more than 25 years of experience of insurance company balance sheet and business management, delivering on customer promises and stakeholder expectations and building and leading high-performing teams. Before leading Open-Architecture Solutions, she served as Treasurer of Prudential, and previously, as CFO of Prudential Retirement. Prior to joining Prudential, Mongia was an investment banker at firms including Deutsche Bank, Credit Suisse, and Lehman Brothers, in addition to holding business planning and management consulting roles. In addition, Prismic has appointed Steve Hales as Interim CEO of Prismic Life Reinsurance, Ltd. for its Bermuda business. Most recently, Hales served as a senior advisor at Warburg Pincus. He was previously CEO of Resolution Re, the Bermuda-based reinsurance company within the Resolution Life Group. Before that, Hales held senior roles at Resolution Life Group, Assicurazioni Generali, and AXA.
CONTACT Angela Mattia VP, Governance and Org Effectiveness angela.mattia@prismiclife.com
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