Prismic Life Holding Company has completed a $1.3bn capital raise, attracting contributions from a range of international investors.

The company, which operates as a Bermuda-exempted limited partnership, is the holding entity for Prismic Life Reinsurance and Prismic Life Reinsurance International. Both subsidiaries are licensed Class E companies based in Bermuda with a focus on life and annuity reinsurance.

This is Prismic Life’s third capital raise. The funds will offer added capacity for Prismic’s reinsurance platform growth.

Prudential Financial (PFI) and Warburg Pincus, both active in insurance and investment management, sponsored Prismic.

Including this latest round, Prismic has secured more than $1.5bn to date, which has been used to support the reinsurance of around $17bn in liabilities from PFI’s US and Japanese portfolios.

Going forward, Prismic plans to continue utilising the investment management offerings of PGIM-PFI’s investment arm and Warburg Pincus for both public and private market strategies.

Warburg Pincus CEO Jeffrey Perlman said: “Prismic continues to be uniquely positioned for long-term, sustainable growth.

“Its strategy, integrating liability origination, asset-liability management and asset management to enhance long-term returns, strongly aligns with our commitment to enduring value creation, and we look forward to Prismic’s continued growth as a global leader in the reinsurance sector.”

As a result of this capital raise, Prismic expects to allocate approximately $15bn across PGIM-managed private, public and alternative credit assets, as well as private equity assets overseen by Warburg Pincus.

Prudential Financial CEO Andy Sullivan said: “We expect reinsurance will play an increasingly critical role in the global life insurance and annuity markets, as insurers respond to changing demographics and seek to optimise capital, risk and long-duration liabilities.

“Prismic is uniquely positioned to address these needs, and we look forward to its continued growth in partnership with Warburg Pincus and other Prismic investors.”

Advisers on the transaction included Warburg Pincus, PGIM, Willkie Farr & Gallagher, RBC Capital Markets and Appleby (Bermuda).

Prismic CEO and group chair Nandini Mongia said: “Prismic provides investors with the opportunity to gain exposure to diversified life insurance and annuity liabilities alongside Prudential, Warburg Pincus and other global investors.

“The new capital will further enable the execution of our multi-year business plan to grow the platform, deliver innovative reinsurance solutions for clients’ capital, risk and balance sheet management needs, expand access to PFI’s industry-leading life and annuity products, and facilitate the growth of the global insurance and retirement income industry.”