Somerset Announced Close of Reinsurance Transaction with Prudential

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April 1, 2024, Hamilton, Bermuda – Somerset Reinsurance Ltd. (“Somerset”), a leading provider of reinsurance solutions to the U.S. life insurance and annuity market, announced today the close of its reinsurance transaction with Prudential Financial, Inc. (NYSE: PRU) (“Prudential”). 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 long-time 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.”

This transaction covers policies written prior to 2015 and represents approximately one-third of Prudential’s total guaranteed universal life statutory reserves. Prudential will continue to service the block.

Wells Fargo Securities, LLC served as exclusive financial advisor and Willkie Farr & Gallagher LLP served as legal counsel to Prudential for the transaction. RBC Capital Markets served as financial advisor and Mayer Brown LLP served as legal counsel to Somerset Re for the transaction.

About Somerset Reinsurance Ltd.

Somerset Re is a leading provider of reinsurance solutions for life insurance and annuity business, helping its clients manage capital efficiency and improve their financial results. Somerset Re solutions include programs for new business flow, management of legacy blocks of life insurance and annuities, and capital-motivated reinsurance solutions globally. Large insurers ranked Somerset No. 1 in the Business Capability Index (BCI), as measured by NMG Consulting’s 2023 U.S. Structured Financial Solutions study in the Asset-intensive Segment. For further information, please visit www.somersetre.com.

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The contents of the webpages on www.aquarianlp.com are intended for the use of U.S. investors only. By clicking on this link, you acknowledge that you are entering a third-party website and may be entering another jurisdiction that has differing applicable securities laws that must be followed. Aquarian makes no representation that the contents of the site are appropriate for use in all locations, or that the transactions, securities, products, instruments or services discussed at this site are available or appropriate for sale or use in all jurisdictions or countries, or by all investors or counterparties. All persons and entities accessing this site do so on their own initiative and are responsible for compliance with applicable local laws and regulations. Nothing on this site shall be considered the provision of investment advice, or a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction.