HAMILTON, Bermuda–(BUSINESS WIRE)–Somerset Reinsurance Ltd. (“Somerset”), a number one supplier of reinsurance options to the U.S. life insurance coverage and annuity market, introduced at present the shut of its reinsurance transaction with Prudential Monetary, Inc. (NYSE: NYSE:) (Prudential). The transaction contains $12.5 billion of reserves backing Prudential’s assured common life insurance policies issued by Pruco Life Insurance coverage Firm and Pruco Life Insurance coverage Firm of New Jersey.
Closing our third transaction with Prudential extends each Somerset’s observe file of offering superior danger administration options for asset-intensive liabilities and the long-time relationship between our firms, mentioned Jeff Burt, Chairman and Chief Government Officer of Somerset. Somerset appears to be like ahead to constructing on that relationship and delivering distinctive service going ahead.
This transaction covers insurance policies written previous to 2015 and represents roughly one-third of Prudential’s whole assured common life statutory reserves. Prudential will proceed to service the block.
Wells Fargo Securities, LLC served as unique monetary advisor and Willkie Farr & Gallagher LLP served as authorized counsel to Prudential for the transaction. RBC Capital Markets served as monetary advisor and Mayer Brown LLP served as authorized counsel to Somerset Re for the transaction.
About Somerset Reinsurance Ltd.
Somerset Re is a number one supplier of reinsurance options for all times insurance coverage and annuity enterprise, serving to its purchasers handle capital effectivity and enhance their monetary outcomes. Somerset Re options embody applications for brand new enterprise stream, administration of legacy blocks of life insurance coverage and annuities, and capital-motivated reinsurance options globally. Massive insurers ranked Somerset No. 1 within the Enterprise Functionality Index (BCI), as measured by NMG Consulting’s 2023 U.S. Structured Monetary Options research within the Asset-intensive Section. For additional info, please go to www.somersetre.com.
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