Somerset Announced Close of Reinsurance Transaction With Prudential

HAMILTON, Bermuda--(BUSINESS WIRE)-- Somerset Reinsurance Ltd. ("Somerset"), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, announced today the close of its reinsurance transaction with Prudential Financial, Inc. (NYSE: PRU) (“Prudential”). The transaction includes $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.

“Closing our third transaction with Prudential extends both Somerset’s track record of providing superior risk management solutions for asset-intensive liabilities and the long-time relationship between our companies,” said Jeff Burt, Chairman and Chief Executive Officer of Somerset. “Somerset looks forward to building on that relationship and delivering exceptional service going forward.”

This transaction covers policies written prior to 2015 and represents approximately one-third of Prudential’s total guaranteed universal life statutory reserves. Prudential will continue to service the block.

Wells Fargo Securities, LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to Prudential for the transaction. RBC Capital Markets served as financial advisor and Mayer Brown LLP served as legal counsel to Somerset Re for the transaction.

About Somerset Reinsurance Ltd.

Somerset Re is a leading provider of reinsurance solutions for life insurance and annuity business, helping its clients manage capital efficiency and improve their financial results. Somerset Re solutions include programs for new business flow, management of legacy blocks of life insurance and annuities, and capital-motivated reinsurance solutions globally. Large insurers ranked Somerset No. 1 in the Business Capability Index (BCI), as measured by NMG Consulting’s 2023 U.S. Structured Financial Solutions study in the Asset-intensive Segment. For further information, please visit www.somersetre.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240401179864/en/

Media Contact
212.720.1015
[email protected]

Source: Somerset Reinsurance Ltd.

You May Also Be Interested In

• Citi cuts Micron stock target, sees memory chip prices peaking in 2Q27
• Zona Med Spa Founder Michele Hunter RN Brings 15 Years of Aesthetic Expertise to Scottsdale
• The Healing Willow Announces Trauma-Informed Initiative