Life and annuity reinsurer Prismic has raised approximately $1.9 billion in new commitments, exceeding its original $1.6 billion target as institutional investors pour capital into the island’s expanding long-term insurance market.

The company said the fundraising round was oversubscribed and would provide more capacity and flexibility to pursue future reinsurance opportunities.

The latest raise brings total capital raised by Prismic to more than $3.3 billion since its launch in 2023. The platform, backed by Prudential Financial and Warburg Pincus, reinsures liabilities including Prudential’s American and Japanese business as well as third-party transactions such as a recently announced agreement with Daiichi Life.

Prismic operates through Bermudian-based Class E life reinsurers and currently manages more than $17 billion in liabilities.

The announcement comes amid growth in Bermuda’s long-term insurance and life reinsurance market, an area attracting large insurers, asset managers and private capital firms. The sector has been expanding through transactions and platform growth involving firms like Brookfield and other global insurance groups.

Nandini Mongia, Prismic’s group chair and chief executive, said: “The oversubscription reflects confidence in our strategy, enhances our ability to execute efficiently on future transactions and allows us to deliver innovative reinsurance solutions that support clients’ capital, risk and balance-sheet management needs.”

Prudential chief executive Andy Sullivan described Prismic as an important component of the company’s “toolkit for flexible capital allocation”.