Daiichi Life and Prismic Finalize Strategic Reinsurance Agreement

Daiichi Life Insurance Co has finalized a strategic reinsurance arrangement with Prismic Life Reinsurance International, a subsidiary of Prismic Life Holding Company. The agreement involves transferring risk associated with a yen-denominated block of whole life and annuity policies to Prismic Life Re, while Daiichi retains its responsibility to policyholders by continuing to administer and service these policies.

According to Nandini Mongia, the Group Executive Chair and CEO of Prismic, this agreement underscores Prismic's dedication to offering customized reinsurance services in the Japanese insurance sector. Mongia stated, "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. We value our strong relationship with Daiichi and are pleased to support them with a solution that complements their ongoing servicing and customer commitments."

Prismic's business model integrates insurance expertise with operational scalability and a long-term investment strategy. This framework allows the company to deliver customized reinsurance solutions that manage balance sheets effectively across life and annuity products. Mongia further noted, “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.”

The transaction aligns with Prismic's recent financial strength ratings from AM Best and Rating and Investment Information, Inc. (R&I), of A- and A+, respectively. These ratings affirm the robustness of Prismic's platform and operational strategy. Advisory support for this transaction was provided by PGIM, Willkie Farr & Gallagher, Appleby (Bermuda), and Nishimura & Asahi.