Mayer Brown advises Somerset Re on its agreement with Prudential Financial to reinsure $12.5 billion guaranteed universal life insurance block
A Mayer Brown team advised Somerset Re on its agreement with Prudential Financial, Inc. to reinsure approximately $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.
The transaction is expected to close in the fourth quarter of 2023, subject to regulatory approval. This is Somerset’s third deal with Prudential and Mayer Brown acted on all three.
The team was led by partner David Alberts and counsel Ben Kralstein and included partners Barbara Goodstein, Javier Fierro, Aubry Smith, Stephanie Monaco, Larry Hamilton and Arsen Kourinian, senior counsel George Craven and associates Gina Chen, Lily Johnson, Brian Saleeby, Yuliya Feldman, Girindra Selleck, Josh Cohen and Brennan Young.
View Somerset Re’s release here.