Prismic Life Holding Company, LP (Prismic) announced today an agreement between its subsidiary, Prismic Life Reinsurance International, Ltd. (PLRe International), and Daiichi Life Insurance Co., Ltd. (Daiichi) to reinsure a Yen-denominated in-force block of whole life and annuity policies.

Daiichi’s obligations to policyholders will remain unchanged following the reinsurance agreement, and Daiichi will continue to administer and service the policies.

“This agreement reflects Prismic’s continued commitment to supporting the Japan insurance market with tailored reinsurance solutions that help insurers efficiently manage their growth, risk, and capital objectives,” said Nandini Mongia, group executive chair and CEO of Prismic. “We value our strong relationship with Daiichi and are pleased to support them with a solution that complements their ongoing servicing and customer commitments.”

Prismic’s business model combines deep insurance expertise with operational scalability and a long-term investment approach, enabling the company to provide customized reinsurance and balance sheet management solutions across life and annuity products.

“This transaction further strengthens Prismic’s platform by continuing to diversify our earnings streams and risk profile, reinforcing the scalability and resiliency of our long-term reinsurance model,” added Mongia.

The strength of Prismic’s platform and operating model was further validated by recent financial strength ratings for PLRe International of A- from AM Best and A+ from Rating and Investment Information, Inc. (R&I).

Prismic was advised by PGIM, Inc., Willkie Farr & Gallagher LLP, Appleby (Bermuda) Limited, and Nishimura & Asahi (Gaikokuho Kyodo Jigyo).

About Prismic Life

Prismic Life is a Bermuda-based, growth-oriented life and annuity reinsurance platform that leverages Prudential Financial and Warburg Pincus’ sponsorship and the market-leading asset management capabilities of PGIM and Warburg Pincus to deliver value to clients. Prismic Life’s expertise and scalable operating model enable the firm to provide risk and balance sheet management solutions, while offering investors access to reinsurance as an asset class. Launched on September 1, 2023, Prismic Life currently manages over $17 billion of liabilities. For more information about Prismic Life, please visit prismiclife.com.

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