03:18 PM EDT, 04/01/2024 (MT Newswires) -- Prudential Financial ( PRU ) closed a deal with Somerset Reinsurance to reinsure about a third of Prudential's total guaranteed universal life statutory reserves, Somerset said Monday.

Somerset said its third reinsurance transaction with Prudential covers policies written prior to 2015 and includes roughly $12.5 billion of reserves backing policies issued by Prudential units Pruco Life Insurance Company and Pruco Life Insurance Company of New Jersey.

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