Prismic Life Holding plans to reinsure about $5 billion of Prudential Financial's recently-originated Japanese whole life policies.
Prismic Life Holding said Monday the transaction steps up its recent growth, with the Bermuda-based reinsurer now managing about $25 billion of assets to support assumed liabilities.
Prudential's obligations to the policyholders will remain unchanged following the reinsurance arrangement, and Prudential will continue to administer the contracts, the companies said.
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