May 10, 2018

Prudential lands $3.6B in deals

Prudential Retirement, a Hartford-based unit of insurance giant Prudential Financial, announced Wednesday that it has inked nearly $3.6 billion in retirement assets and reinsurance contracts.

The largest of the two deals was with Hawaii government officials, who renewed their contract with Prudential to oversee the state's deferred compensation plan, containing about $2.4 billion in retirement assets covering nearly 28,000 members. Prudential has had the business since 2013.

In addition, Prudential Retirement marked its sixth longevity reinsurance transaction with Pension Insurance Corporation plc, with Prudential assuming the longevity risk for about $1.2 billion in pension liabilities covering 7,500 pensioners. PIC is based in London and purchases pension liabilities from large companies -- a process known as "de-risking."

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