Nomura announces equity investment into Prismic Life Re

Written by Michael Griffiths

11/09/2023

Nomura has announced an equity investment into Prismic Life Reinsurance, a Bermuda-based life and annuity reinsurance platform.

The investment has been made alongside Prudential Financial, Warburg Pincus and other investors.

At launch, Prismic will have a combined initial equity investment of approximately $1bn, with Prudential owning 20% and Warburg Pincus owning 15% of the equity. A group of global investors will own the remaining 65% equity, with Nomura participating as a founding investor.

As well as the equity investment, Nomura also acted as joint lead arranger and bookrunner on a syndicated debt facility which will be used to further capitalise Prismic.

“We are excited to invest alongside two market leaders, Prudential Financial. and Warburg Pincus, in Prismic,” said executive officer and head of wholesale division at Nomura, Chris Willcox. Insurance is a growing client segment for Nomura globally and part of our ambitions to expand our platform more broadly.”

The board responsible for the oversight of Prismic’s business will include two independent directors and one director nominated by each of Prudential, Warburg Pincus, Nomura and the other investors.

Global head of securitised products and private credit, Gordon Sweely, will represent Nomura on Prismic’s board, and he added: “This investment is an opportunity for Nomura to invest in a reinsurance platform targeting a growing market space.

“We look forward to working in partnership with them as an investor and a capital markets partner to grow this platform.”

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