Prudential Financial And Warburg Pincus Announce Launch Of Prismic Life Re, A Licensed Class E Bermuda-Based Life And Annuity Reinsurance Company
Portfolio Pulse from Benzinga Newsdesk
Prudential Financial and Warburg Pincus, along with a group of investors, have announced the launch of Prismic Life Re, a licensed Class E Bermuda-based life and annuity reinsurance company. Both parties have agreed to make equity investments in Prismic and will oversee its long-term strategy through participation on its board of directors.
September 07, 2023 | 8:34 pm
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Prudential Financial's launch of Prismic Life Re, in partnership with Warburg Pincus, could diversify its business and potentially increase its revenue stream.
The launch of Prismic Life Re represents a strategic move for Prudential Financial to diversify its business and potentially increase its revenue stream. The partnership with Warburg Pincus and the equity investment in Prismic could provide the necessary capital and strategic guidance for the new venture. This could positively impact Prudential's stock in the short term as it indicates potential growth and expansion.
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