Kirkland & Ellis advised Wilton Re on an agreement with Prudential Financial, Inc. (NYSE: PRU) whereby Prudential will reinsure a portion of its guaranteed universal life block to Wilton Re, resulting in approximately $350 million of expected proceeds, post-closing. Under the terms of the agreement, Wilton Re will reinsure approximately $11 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco Life Insurance Company Arizona (PLAZ) and Pruco Life Insurance Company of New Jersey (PLNJ). This transaction represents approximately 40% of Prudential’s remaining guaranteed universal life statutory reserves.
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