On September 7, Willkie client Warburg Pincus and Prudential Financial, Inc. announced the launch of Prismic Life Reinsurance, Ltd., a licensed Class E Bermuda-based life and annuity reinsurance company.

Prudential and Warburg Pincus, together with a group of investors, have agreed to make equity investments in Prismic totaling $1 billion. Prudential and Warburg Pincus will initially own 20% and 15% of the equity in Prismic, respectively. Prudential plans to reinsure to Prismic a block of structured settlement annuity contracts with reserves of approximately $10 billion, subject to the receipt of required regulatory approvals. Prudential intends Prismic to be a strategic reinsurance partner going forward, with PGIM and Warburg Pincus providing asset management services to Prismic.

Warburg Pincus is a leading global growth investor with more than $83 billion in assets under management.

The Willkie team was led by partners Matthew Stern, Dvir Oren and Mark Cognetti and included partners David Luce, Mark Vandehaar, Arthur Lynch, Guy Inbar and Jordan Messinger.