Prudential financial to reinsure $7b japanese whole life block with prismic life

Newark, n.j.--(business wire)--prudential financial, inc. (nyse: pru) announced today an agreement to reinsure a portion of its recently originated japanese whole life policies with a subsidiary of prismic life (prismic), a bermuda-based life and annuity reinsurance company sponsored by prudential and warburg pincus and supported by a group of global investors. under the terms of the agreement, prismic will reinsure approximately $7 billion of reserves backing usd-denominated japanese whole lif.
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