Debevoise & Plimpton LLP has advised Prudential Financial (NYSE: PRU) in its approximately $5 billion agreement to reinsure a portion of its USD-denominated Japanese whole life insurance policies originated by Prudential’s Japanese affiliates with a subsidiary of Prismic Life, a Bermuda-based life and annuity reinsurance company sponsored by Prudential and Warburg Pincus and supported by a group of global investors. For more information, see the press release.

The Debevoise team was led by insurance M&A partners David Grosgold and Matthew Parelman and included associates Saraya Ivanova, Niusha Tavassoli and Soo Young Yoon and tax partner Daniel Priest and associates Charlie Daley and Miriam Yeger.