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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.
 

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