Prudential Financial and Warburg Pincus to invest in newly formed Prismic Life Reinsurance

• Prudential and Warburg Pincus will initially own 20 percent and 15 percent of the equity in Prismic, respectively
• Financial services veteran Amy Kessler will lead Prismic as CEO
• Headquartered in New York, Warburg Pincus has more than $83 billion in assets under management

Prudential Financial Inc and Warburg Pincus, alongside a group of global investors, have agreed to invest in newly launched Prismic Life Reinsurance, a Bermuda-based life and annuity reinsurance company. The initial equity investments will be $1 billion.

Also, Prudential and Warburg Pincus will initially own 20 percent and 15 percent of the equity in Prismic, respectively. Prismic’s board will include two independent directors and one director nominated by each of Prudential, Warburg Pincus, and the group of investors.

On the Prismic launch, Warburg Pincus CEO Chip Kaye said in a statement, “Warburg Pincus is thrilled to enter into this strategic partnership with Prudential in the creation of Prismic. The combination of Prudential’s significant in-force and new business origination capabilities, PGIM’s expertise in public fixed income, private credit, and real estate with our private markets investment capabilities presents Prismic with a unique opportunity for future, sustainable growth.”

Financial services veteran Amy Kessler will lead Prismic as CEO. Kessler was the founding leader of Prudential’s international reinsurance business.

Nandini Mongia, president of Prudential’s Open Architecture Solutions, will represent Prudential on Prismic’s board while Mike Thompson, managing director at Warburg Pincus, will represent Warburg Pincus on Prismic’s board.

Prudential Financial, Inc, a global financial services firm and active global investment manager has approximately $1.4 trillion in assets under management as of June 30, 2023.

Headquartered in New York, Warburg Pincus has more than $83 billion in assets under management.