An East Coast life insurer now has access to a new source of financing.
Prudential Life Insurance Company, a unit of Prudential Financial Inc., Newark, N.J., has become a member of the Federal Home Loan Bank of New York, officials say.
The FHLBank, a member-owned regional wholesale bank, helps provide financing to support member financial institutions’ mortgage loans and small business loans.
Protective Life now is one of 157 insurers in the FHLBank system, officials say.
The company can use FHLBank financing to back funding agreements, manage assets and liabilities, and manage liquidity, officials say.