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Prismic Life Holding Company LP announced Tuesday that it has closed its third major capital raise, pulling in $1.3 billion from investors—a financial jolt aimed at accelerating the company’s rapidly expanding reinsurance platform. The raise was guided by Willkie Farr & Gallagher LLP and Appleby (Bermuda) Ltd.

A Growing Reinsurance Powerhouse

Prismic Life Holding Company LP oversees Bermuda-based reinsurers Prismic Life Reinsurance Ltd. and Prismic Life Reinsurance International Ltd., forming a platform designed to provide sophisticated risk and balance-sheet solutions for global insurance clients.

The company, backed by Prudential Financial and private-equity titan Warburg Pincus, said the fresh capital marks another strategic step in scaling its multi-year business plan.

“Fuel for the Next Phase of Growth”

“Prismic provides investors with exposure to diversified life insurance and annuity liabilities,” CEO and group chair Nandini Mongia said. She added that the new capital injection will propel expansion, strengthen reinsurance offerings, and broaden access to Prudential’s market-leading life and annuity products—all while supporting global retirement-income growth.

As part of the capital deployment, Prismic expects to allocate approximately $15 billion across public, private, and alternative credit assets managed by PGIM, Prudential’s investment management arm, as well as private equity assets managed by Warburg Pincus.

Backers Say the Platform Is Built for Long-Term Ascent

Warburg Pincus CEO Jeffrey Perlman praised the continued partnership with Prudential and Prismic, saying the reinsurance platform remains “uniquely positioned for long-term, sustainable growth.”

Prismic has already raised over $1.5 billion in prior rounds to support the reinsurance of Prudential Financial’s U.S. and Japanese liabilities, totaling roughly $17 billion.

The company plans to sustain its strategy of leveraging PGIM’s investment heft alongside Warburg Pincus across global public and private markets.

Prudential Calls Reinsurance a Rising Global Force

Prudential Financial CEO Andy Sullivan said Prismic’s model strengthens Prudential’s role in expanding access to investment, insurance, and retirement security worldwide. He emphasized that reinsurance will become increasingly vital as demographic shifts push insurers to optimize capital, risk exposure, and long-duration liabilities.

“Prismic is uniquely positioned to address these needs,” Sullivan said.

Full legal counsel details for the Willkie and Appleby teams advising Prismic were not immediately available Tuesday.