Prudential closes transaction to reinsure more than 200,000 policies

Prudential closes transaction to reinsure more than 200,000 policies | Insurance Business Canada

Reinsurance

Prudential closes transaction to reinsure more than 200,000 policies

The longevity risk transfer agreement will take effect by the end of the year

Reinsurance

By
Kenneth Araullo

Prudential Financial has announced its subsidiary’s entrance into a significant longevity risk transfer agreement with NN Life, part of NN Group.

The agreement, valued at $9.2 billion, pertains to the reinsurance of over 200,000 policies under The Prudential Insurance Company of America, set to be effective from December 31, 2023.

As per a news release, this deal represents Prudential’s inaugural venture into the Dutch market for international longevity reinsurance, aligning with the company’s broader growth strategy.

“Prudential is proud to support NN Life through this transaction, and we are excited to expand the presence of our Institutional Retirement Strategies business into The Netherlands. This longevity risk transfer further demonstrates our vision to be a global leader in expanding access to investing, insurance, and retirement security,” Prudential Financial chairman and CEO Charles Lowry said.

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