31B Block Of changing Annuities To Fortitude Re InsuranceNewsNet

Prudential personal economic, corporation. 15, 2021, Fortitude Re has grabbed one of Prudential's subsidiaries, Prudential Annuities Life Assurance firm ("PALAC") (To be renamed Fortitude coverage Annuity Company). Included in the sale is around $31 billion of in force variable annuity account values, Primarily including things like non New York, careful variable annuities with guaranteed living benefits that were issued by PALAC prior to 2011.

To ensure a consistent experience for customers, Prudential continues to service and administer all contracts in the block following the transaction. Prudential also will continue to sell protected outcome annuity solutions through other existing subsidiaries. organizations Andy Sullivan. "It delivers value for investors and ensures that our customers continue being well served. The order also allows Prudential to deepen our focus on expanding access to retirement security through the growth of protected outcome solutions, Like FlexGuard and FlexGuard pay check,

"Closing on this transaction marks a big milestone for Fortitude Re, Said Fortitude Re ceo James Bracken. "We have highlighted to Prudential, Its policyholders and other stakeholders that responsibility to capital strength, expert client experience and deep liability expertise can help our insurance clients achieve their strategic goals. We will continue to build our capabilities together with Carlyle, Enabling us to take on industry shaping sales, And to continue on our journey towards becoming a leading provider of approaches to global insurers,

Debevoise Plimpton LLP served as a lawyer to Fortitude Re. Sidley Austin LLP served as legal counsel to Prudential, and moreover Goldman Sachs Co. LLC served as exclusive charmdate review cost advisor.

About Prudential capital, inc.

Prudential banking, inc. (new york stock exchange: PRU), A monetary crisis services leader and premier active global investment manager with more than $1.5 trillion in assets under regulation as of Dec. 31, 2021, Has operations across the nation, south east asia, the old continent, And Latin the actual. Prudential's diverse and talented employees help to make lives better by creating financial opportunity for more people. Prudential's iconic Rock symbol has represented strength, security, skillsets, And innovation for over a century.