Prudential financial to reinsure $10b block of pdi traditional variable annuities with an affiliate of constellation insurance holdings

Newark, n.j.--(business wire)--prudential financial, inc. (nyse: pru) announced today an agreement to reinsure a portion of its traditional variable annuity block with an affiliate of constellation insurance holdings, inc., for proceeds at closing resulting in approximately $650 million.1 under the terms of the agreement, constellation's affiliate will reinsure approximately $10 billion of prudential defined income (pdi) traditional variable annuity contracts with guaranteed living benefits iss.
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