AM Best Assigns Credit Ratings to Prismic Life Reinsurance, Ltd. and Prismic Life Reinsurance International, Ltd.
AM Best has assigned a Financial Strength Rating (FSR) of A- (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of "a-" (Excellent) to Prismic Life Reinsurance, Ltd. (Prismic Life Re). In addition, AM Best has assigned an FSR of A- (Excellent) and a Long-Term ICR of "a-" (Excellent) to Prismic Life Reinsurance International, Ltd. (PL Re International) (both domiciled in Bermuda). The outlook assigned to these Credit Ratings (ratings) is stable.
The ratings of Prismic Life Re reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).
The ratings of PL Re International reflect its balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate ERM.
Both entities are recently formed Bermuda-based reinsurance companies with Prismic Life Re primarily placing U.S.-based business and PL Re International primarily placing non-U.S. based business. Two of the Prismic companies' largest shareholders, Prudential Financial, Inc. (Prudential) (NYSE:PRU) and Warburg Pincus, have strong interests in cross servicing the assets managed through the reinsurance treaties along with Prismic's management of the contract liabilities. At its inception in 2023, Prismic Life Re had secured a reinsurance contract consisting of U.S. structured settlement annuities. Following the formation of PL Re International, Prismic's management secured its first transaction, consisting of USD 7 billion of Japan-based whole life insurance policies. The future pipeline for business is projected to be active going forward. PL Re International recently closed on its first flow reinsurance deal in September 2025.
The Prismic companies are demonstrating their ability to raise capital from investors to support future business plans, and management has demonstrated its ability to execute on those business plans. Through several funding rounds, both Prismic entities have secured more than adequate levels of capital and elevated risk-adjusted capitalization, as measured by Best's Capital Adequacy Ratio (BCAR), and by Bermuda's own regulatory solvency capital requirement measurement. Each additional treaty is expected to come with specific reserve requirements and AM Best, through its credit rating practices, will monitor this adequacy. Prismic's management has also furnished the necessary business plans needed for rating newly formed companies, which are used as the basis of the newly assigned ratings.
Also reflected in the rating assignments is the financial flexibility and the company's ability to acquire new business through its strong business relationships, which include both Prudential and Warburg Pincus. AM Best notes that the business acquired does come with a certain level of assumed product risk by Prismic Life Re and PL Re International management team.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2025 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251218153884/en/
Wayne Kaminski
Associate Director
+1 908 882 1916
wayne.kaminski@ambest.com
Kate Steffanelli
Associate Director
+1 908 882 2237
kate.steffanelli@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com