Media Contact:

Pension Risk Transfer
Josh Stoffregen-Foye / 973-802-3996 / josh.stoffregen@prudential.com

July 09, 2020

Prudential Retirement closes $1.7 billion in new longevity reinsurance transactions in first half of 2020

Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), has successfully closed $1.7 billion in new longevity reinsurance transactions during the first half of the year, attributing success to pivoting quickly to virtual closings during the COVID-19 global pandemic and a vibrant smaller end of the U.K. pension buy-in and buy-out market.

February 18, 2020

Leaders of Prudential’s longevity reinsurance business optimistic about a vibrant 2020 risk transfer market after record-breaking 2019

NEWARK, N.J., February 18, 2020 - The Prudential Insurance Company of America (PICA), a business unit of Prudential Financial, Inc. (NYSE: PRU), and a recognized leader in the global pension de-risking market, has announced the closing of its seventh and eighth strategic longevity reinsurance transactions with Rothesay Life Plc, reinsuring a combined $6 billion of pension liabilities associated with two bulk annuity transactions completed in the second half of 2019.

October 23, 2019

Prudential Retirement names Michael Domingos new head of Sales and Strategic Relationships

NEWARK, N.J., October 23, 2019 - Prudential Retirement, a business unit of Prudential Financial, Inc. (NYSE: PRU), announced today Michael Domingos, vice president, National Distribution Markets, will be promoted to senior vice president and head of Sales and Strategic Relationships, Prudential Retirement. The appointment will be effective Dec. 2.

October 09, 2019

UA Local 22 Annuity Fund and Sendik’s Food Market choose Prudential to manage retirement plan assets

NEWARK, N.J., Oct. 9, 2019 – UA Local 22 Plumbers and Steamfitters Annuity Fund, and Sendik’s Food Market, a family-owned Milwaukee grocery chain, chose Prudential Retirement as record keeper for their defined contribution retirement plans.

August 29, 2019

Prudential Financial announces leadership succession for U.S. Businesses

NEWARK, N.J., August 29, 2019 - Prudential Financial, Inc. (NYSE:PRU) today announced that Andrew Sullivan will succeed Stephen Pelletier as executive vice president and head of U.S. Businesses, reporting to Chairman and CEO Charles Lowrey, effective December 1. Pelletier will retire following an extraordinary 27-year career with the company, in which he led Group Insurance and Prudential Annuities, and founded Prudential’s international asset management businesses, now PGIM Global Partners.

January 29, 2019

Lockheed Martin transfers $1.8 billion in pension obligations to Prudential Retirement

NEWARK, N.J., January 29, 2019 - Lockheed Martin Corporation (NYSE: LMT) has transferred approximately $1.8 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc. (NYSE: PRU). Approximately 32,000 of Lockheed Martin’s retirees will receive their monthly pension benefit payments from Prudential as part of this buy-out agreement.

November 09, 2017

Prudential, PIC Reach $1.2 Billion Longevity Reinsurance Agreement

NEWARK, N.J., Nov. 09, 2017 - Prudential Retirement, a unit of Prudential Financial, Inc. (NYSE:PRU), and Pension Insurance Corporation (PIC), have entered into their fifth longevity reinsurance transaction since 2015. In the agreement, The Prudential Insurance Company of America assumes the longevity risk for $1.2 billion (about £900 million) in pension liabilities, covering approximately 4,000 pensioners across four pension schemes.

October 02, 2017

Prudential Entrusted with Pension Promises to Approximately 45,000 International Paper Retirees

NEWARK, N.J., Oct. 02, 2017 - International Paper (NYSE:IP) will settle approximately $1.3 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America (NYSE: PRU), a leader in retirement benefits. The agreement transfers to Prudential the responsibility for paying pension benefits to roughly 45,000 of International Paper’s retirees and their beneficiaries.

September 14, 2017

MMC UK Pension Fund, advised by Mercer, selects Prudential and Canada Life Reinsurance to reinsure the longevity risk of £3.4 Billion ($4.3 billion) in pension liabilities

The Trustee of the MMC UK Pension Fund (the “Fund”) has announced the largest longevity risk transfer for a UK pension fund since 2014. The transaction, which reinsures the longevity risk of £3.4 billion ($4.3 billion) in pension liabilities, will provide long-term protection and income to the Fund in the event that the covered participants live longer than expected. It also lowers the risk that Marsh & McLennan Companies will face unexpected pension contributions due to an increase in pensioner life expectancy.

August 15, 2017

Finance chiefs’ pension risk transfer motivations revealed in new research

NEWARK, N.J., Aug. 15, 2017 - The increasing costs and volatility of managing defined benefit pension plans have long been at the center of the motivations for transferring a company’s pension risk to an insurer. But which costs and what kinds of volatility are finance chiefs most concerned about? A new survey involving 80 senior finance executives at companies with traditional pensions sheds light on the motivations behind pension risk transfer decisions in the executive suite.