Apr 2024
Conyers advised Somerset Reinsurance Ltd. (Somerset Re) in connection with the company’s agreement to reinsure approximately US$12.5 billion of reserves backing Prudential Financial Inc.’s guaranteed universal life policies issued by Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.
Conyers’ role in this matter included advising on all Bermuda transactional and regulatory aspects of the deal, Bermuda Monetary Authority block transaction approval, change of controller approvals and issues relating to corporate governance.
Somerset Re is a leading provider of reinsurance solutions for asset-intensive life insurance and annuity business, helping its clients manage capital efficiency and improve their financial results.
Conyers Director Sophia Greaves advised on this matter, working alongside onshore counsel Mayer Brown LLP.