Deals
Prudential Lifespan Bet With Loudiadis Hits $3 Billion
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Prudential Financial Inc., the No. 2 U.S. life insurer, has taken on the risk that Rothesay Life Ltd. will have higher-than-projected costs on $3 billion of U.K. pensions.
Prudential will incur expenses in the latest deal if retirees live longer than expected, boosting payouts on $1.7 billion of retirement obligations, the company’s said in a statement today. The Newark, New Jersey-based insurer had already made three similar deals with Rothesay, the U.K. insurer run by former Goldman Sachs Group Inc. managing director Addy Loudiadis.