Prudential Insurance Co. of America, a subsidiary of Prudential Financial Inc., has entered into a longevity reinsurance agreement with London-based life and pensions consolidator Phoenix Group Holdings PLC as of June 30.
The agreement covers retirees in the U.K.
With the addition of Phoenix Group, Prudential Insurance Co. of America and affiliate Prudential Retirement Insurance & Annuity Co. now offers reinsurance support to pension insurers that make up about 90% of the annual volume of buy-ins and buyouts in the U.K.
The Prudential Financial unit was advised by Willkie Farr & Gallagher LLP in New York and London. CMS Cameron McKenna Nabarro Olswang LLP in London and Eversheds Sutherland in the U.S. advised Phoenix Group.