Daiichi Life Insurance Co and Prismic Life Reinsurance International have reached an agreement to reinsure a Yen-denominated in-force block of whole life and annuity policies.
Daiichi’s obligations to policyholders will remain unchanged following the reinsurance agreement, and Daiichi will continue to administer and service the policies.
“This agreement reflects Prismic’s continued commitment to supporting the Japan insurance market with tailored reinsurance solutions that help insurers efficiently manage their growth, risk, and capital objectives,” said Nandini Mongia,Group Executive Chair and CEO of Prismic.
“We value our strong relationship with Daiichi and are pleased to support them with a solution that complements their ongoing servicing and customer commitments.”
“This transaction further strengthens Prismic’s platform by continuing to diversify our earnings streams and risk profile, reinforcing the scalability and resiliency of our long-term reinsurance model,” added Mongia.
Prismic was advised by PGIM, Willkie Farr & Gallagher, Appleby (Bermuda), and Nishimura & Asahi (Gaikokuho Kyodo Jigyo).
