Bermuda-based reinsurance platform Prismic Life and Prudential Financial have recently announced the signing of a $5‑billion reinsurance agreement, under which Prismic Life will assume reserves associated with newly-issued USD-denominated whole life policies originated by Prudential’s Japanese affiliates.

Under the terms of the agreement, Prismic Life will provide reinsurance coverage for approximately $5 billion of reserves backing USD-denominated whole life insurance policies issued by Prudential’s Japanese affiliates. Following the implementation of the reinsurance arrangement, Prudential Financial retains all contractual obligations to policyholders and will remain responsible for ongoing policy administration and servicing.