AM Best has assigned a financial strength rating of A- (Excellent) and a long-term issuer credit rating of “a-” (Excellent) to Prismic Life Reinsurance Ltd. and Prismic Life Reinsurance International Ltd., both domiciled in Bermuda, and said the outlook is stable.
AM Best said the ratings for both entities reflect balance sheet strength it assesses as “very strong,” along with adequate operating performance, a limited business profile and appropriate enterprise risk management.
Prismic Life Re and PL Re International are recently formed Bermuda-based reinsurers, with Prismic Life Re focused mainly on placing US-based business and PL Re International focused mainly on non-US business, AM Best said.
Two of the Prismic companies’ largest shareholders are Prudential Financial Inc. and Warburg Pincus.
The ratings also follow additional capital raised at the holding-company level as Prismic builds out its Bermuda platform. Prismic Life said in November that it completed its third capital raise, securing US$1.3 billion that it said would support additional reinsurance capacity, with the holding company sponsored by its largest shareholders.
Prismic Life Re, formed in 2023, secured a reinsurance contract consisting of US structured settlement annuities at inception. After PL Re International was formed, Prismic secured its first transaction consisting of US$7 billion of Japan-based whole life insurance policies.
AM Best said the companies’ pipeline for additional business is projected to be active and noted that PL Re International closed its first flow reinsurance deal in September 2025.
Prismic has also been referenced in broader coverage of how life and annuity writers are using reinsurance structures to manage capital needs. An AM Best-backed review of life-annuity sidecars said Prismic Life Re, along with Martello Re and Ivy Re II, collectively accounted for nearly 75% of the rise in ceded reserves cited in that report.
AM Best said both Prismic entities have raised capital through several funding rounds and have elevated risk-adjusted capitalization as measured by Best’s Capital Adequacy Ratio and Bermuda’s regulatory solvency capital requirement measurement.
It said each additional treaty is expected to carry specific reserve requirements and that it will monitor reserve adequacy through its credit rating practices.
