Prudential Financial to reinsure $11bn guaranteed universal life block with Wilton Re

Written by Adam Cadle

22/08/2024

Prudential Financial is to reinsure a portion of its guaranteed universal life block with Wilton Re, resulting in approximately $350m of expected proceeds, post-closing.

Under the terms of the agreement, Wilton Re will reinsure around $11bn of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company Arizona (PLAZ) and Pruco Life Insurance Company of New Jersey (PLNJ). This transaction, covering policies written through 2019, represents around 40% of Prudential’s remaining guaranteed universal life statutory reserves.

“We are pleased to provide Prudential a reinsurance solution for a material portion of its in-force guaranteed universal life business,” said Dmitri Ponomarev, CEO of Wilton Re.

“This transaction is consistent with Wilton Re’s strategy to address our clients’ largest and most complex in-force life insurance and annuity needs. We also welcome PGIM to the family of Wilton Re’s asset managers.”

Related Articles