WASHINGTON (dpa-AFX) - Prismic Life Holding Company, LP, a Bermuda-based life and annuity reinsurance platform, on Monday announced a deal with Prudential Financial, Inc. (PRU) to reinsure a portion of Prudential's recently originated Japanese whole life policies.
Under the terms, Prismic will reinsure around $5 billion of reserves backing the US dollar-denominated Japanese whole life insurance policies originated by Prudential's Japanese affiliates. Prudential's obligations to these policyholders will remain unchanged, and Prudential will continue to administer the contracts.
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