Prudential Financial has announced that Mike Estep, head of product for group insurance, will succeed Yanela Frias as president of its group insurance business.

In addition, Frias will become the CFO of Prudential.

Estep as president of group insurance will report to Caroline Feeney, head of Prudential’s US businesses.

Since joining the firm as head of product for group insurance in 2022, Estep has led all aspects of product strategy. This includes the development of a strategic roadmap for the firm’s current and future product portfolio with a focus on customer relevancy and sustainable, profitable growth.

Jess Gillespie will succeed Estep as head of product for group insurance.

“Mike’s leadership has been instrumental in developing a long-term vision for our product strategy and driving business growth.” said Feeney. “His exceptional track record and client-first approach will ensure our continued progress in positioning Group Insurance as a leader in delivering comprehensive financial solutions to our clients.”

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In 2023, Prudential Financial and private equity company Warburg have launched Pincus Prismic Life Reinsurance, a Bermuda-based life and annuity reinsurance company.

The new licensed reinsurance company has received a combined initial equity investment of $1bn from Prudential, Warburg and a group of investors.

It will be led by Prudential’s international reinsurance business founding leader Amy Kessler.