Prismic Life announces completion of oversubscribed capital raise

Prismic Life announced the completion of its previously announced capital raise. The approximately $1.9B of total commitments reflects an oversubscribed closing, exceeding its original $1.6B target. The additional capital expands Prismic’s capacity and flexibility to support a broader range of reinsurance opportunities. Prismic is sponsored by Prudential (PRU) Financial and Warburg Pincus. This capital raise included investments from a global consortium of world-class institutional investors, underscoring continued demand for Prismic’s differentiated reinsurance platform. Prismic is a Bermuda-exempted limited partnership and the holding company of Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd., each a licensed Class E Bermuda-based life and annuity reinsurance company. Including this close, Prismic has raised more than $3.3B in capital to support the reinsurance of liabilities, including PFI’s U.S. and Japanese liabilities as well as third-party business, such as the recent Daiichi Life transaction.