Photo by Ketut Subiyanto via Pexels.

Prudential Financial closes $12.5b reinsurance deal with Somerset Re

The transaction is expected to result in around $450m of proceeds.

Prudential Financial announced that it has completed its reinsurance transaction with Somerset Re.

In a statement, Prudential Financial said this “advances the company’s strategy to reduce market sensitivity and increase capital efficiency.”

“The financial impacts of the transaction are expected to be generally consistent with those highlighted in the prior announcement,” it added.

ALSO READ: Prudential's Asian life business beats expectations with $3.1b NBP

The agreement was first announced on 24 July 2023. It involves Somerset Re reinsuring around $12.5b of Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. This is expected to lead to around $450m of proceeds.

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Markel targets professional indemnity market in Australia
Head of professional and financial risks, Kym Beazleigh, explains the game plan in Markel’s strategic expansion.
Natural disasters steer Asia Pacific towards parametric insurance
Swiss Re gives importance to parametric insurance amidst challenges like basis risk and modelling complexities.
InterContinental Singapore is saving insurance for a rainy day
NUS Professor Charoenwong discusses the effectiveness and value of a Singaporean hotel’s rain insurance offer.