Somerset Re closes reinsurance transaction with Prudential
Bermudian-based Somerset Reinsurance Ltd, the provider of reinsurance solutions to the US life insurance and annuity market, has closed its reinsurance transaction with Prudential Financial Inc.
The transaction includes $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.
“Closing our third transaction with Prudential extends both Somerset’s track record of providing superior risk management solutions for asset-intensive liabilities and the longtime relationship between our companies,” said Jeff Burt, chairman and chief executive officer of Somerset.
“Somerset looks forward to building on that relationship and delivering exceptional service going forward.”
The company said this transaction covered policies written before 2015 and represented approximately one-third of Prudential’s total guaranteed universal life statutory reserves. Prudential will continue to service the block.
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