July 24, 2023
On July 24, Willkie client Prudential Financial, Inc. announced an agreement to reinsure a portion of its guaranteed universal life block with Somerset Re, resulting in approximately $450 million of net proceeds.
Under the terms of the agreement, Somerset Re will reinsure approximately $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey. This transaction, covering policies written prior to 2015, represents approximately one-third of Prudential’s total guaranteed universal life statutory reserves.
Willkie previously represented Prudential in numerous transactions, including its recent agreement to reinsure a $10 billion block of variable annuities with an affiliate of Constellation Insurance Holdings, Inc.
Prudential Financial, Inc. (NYSE: PRU) is a global financial services leader and premier active global investment manager with approximately $1.4 trillion in assets under management as of March 31, 2023.
The Willkie team was led by partners Gregory Astrachan and Michael Stern and included partners Mark Proctor and David Luce.
