A consortium of investors to invest $1bn in Prismic Life Reinsurance.

A consortium of investors, with participation from Prudential and Warburg Pincus, agreed to invest $1bn in Prismic Life Reinsurance, a life and annuity reinsurance company. “This unique reinsurance platform will play an important role in our vision to be a global leader in expanding access to investing, insurance, and retirement security for people around the world. Prismic will enhance our ability to address the evolving needs of our insurance customers and clients while continuing to meet our obligations to policyholders. It represents a formidable combination of industry-leading expertise, global capabilities, and the backing of two of the world’s leading insurance and asset management firms,” Charles Lowrey, Prudential Financial Chairman and CEO.