Prismic Life completes $1.3bn capital raise to grow reinsurance platform

Core Insights - Prismic Life Holding Company has successfully raised $1.3 billion in capital, attracting a diverse range of international investors [1][2] - This marks Prismic's third capital raise, bringing the total secured to over $1.5 billion, which has supported the reinsurance of approximately $17 billion in liabilities from Prudential Financial's portfolios [2][5] - The new capital will enhance Prismic's reinsurance platform growth and enable the execution of a multi-year business plan focused on innovative reinsurance solutions [7] Company Strategy - Prismic plans to leverage investment management offerings from PGIM and Warburg Pincus for both public and private market strategies [3] - The company aims to allocate around $15 billion across PGIM-managed assets and private equity overseen by Warburg Pincus [4] - Prismic's strategy integrates liability origination, asset-liability management, and asset management to enhance long-term returns [4] Market Position - Prudential Financial's CEO highlighted the increasing importance of reinsurance in the global life insurance and annuity markets, indicating that Prismic is well-positioned to meet these evolving needs [5] - Prismic provides investors with exposure to diversified life insurance and annuity liabilities alongside major partners like Prudential and Warburg Pincus [6]