WASHINGTON (dpa-AFX) - Prudential Financial, Inc. (PRU) and Warburg Pincus
LLC, a private equity firm, on Friday announced the launch of Prismic Life
Reinsurance, Ltd., a licensed Class E Bermuda-based life and annuity reinsurance
company.

Charles Lowrey, CEO of Prudential Financial, Inc., said: 'Prismic will enhance
our ability to address the evolving needs of our insurance customers and clients
while continuing to meet our obligations to policyholders. It represents a
formidable combination of industry-leading expertise, global capabilities, and
the backing of two of the world's leading insurance and asset management firms.'

A group of investors has agreed to make equity investments in Prismic, alongside
Prudential and Warburg Pincus, providing Prismic a combined initial equity
investment of $1 billion.

Prudential expects to reinsure to Prismic a block of structured settlement
annuity contracts with reserves of around $10 billion.

Prudential will initially own 20 percent, whereas Warburg Pincus will hold 15
percent of the equity in the new company.

Amy Kessler, who was the founding leader of Prudential's international
reinsurance business, will lead Prismic as CEO.



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