Bermuda-based consolidation vehicle is the third incarnation of Sir Clive Cowdery’s acquisitive Resolution
Resolution Life, an insurance consolidation vehicle founded by Sir Clive Cowdery, has completed a $3bn fundraising and added several of the investors who contributed, including JPMorgan and KKR, to its board.
Bermuda-based Resolution Life, founded in 2017, is Cowdery’s latest vehicle for buying and merging insurers.
A previous UK company, also called Resolution, acquired a series of businesses in the 2000s before merging with Britannic Group and then being sold to Hugh Osmond’s Pearl Group, later becoming Phoenix Group.
Cowdery relaunched the Resolution business a second time, buying Friends Life in 2009 and adding other businesses from Axa Sun Life and Bupa. This was then sold to Aviva in 2014.
This latest, third incarnation has acquired $5.7bn of life insurance policies from US insurer Symetra, and in October 2018, agreed to buy various insurance businesses from AMP in Australia and New Zealand for A$3bn.
In a statement on November 18, Resolution Life said it has raised $3bn from investors to finance further deals.
Representatives from JPMorgan, KKR, the Nippon Life Insurance Company, Singaporean sovereign wealth fund Temasek, and USS, the UK’s largest pension fund, will join its board — alongside an unnamed Middle Eastern sovereign fund.
Credit Suisse Asset Management acted as a placement agent on the fundraising.
Cowdery, who is executive chair of the company, said: “Resolution Life will continue to grow and release trapped capital and stranded costs for life insurers across a number of markets. I am delighted to welcome our cornerstone investors onto our board.”
Source: Financial News
Can’t stop reading? Read more
Capital Group and KKR expand public-private push with first equity strategy
Capital Group and KKR expand public-private push with first equity strategy Capital Group and KKR have expanded their public-private investment partnership with the launch of Capital Group KKR U.S. Equity+, marking their first integrated equity strategy. The new...
Ares leads up to $2.2bn Arcmont private credit continuation vehicle
Ares leads up to $2.2bn Arcmont private credit continuation vehicle Ares Management has emerged as the lead buyer in a secondary transaction involving a private credit portfolio managed by Arcmont Asset Management, according to Bloomberg. Arcmont is transferring loans...
Thoma Bravo nears $5bn WWEX deal to build $12bn shipping tech group
Thoma Bravo nears $5bn WWEX deal to build $12bn shipping tech group Thoma Bravo is close to acquiring WWEX Group in a deal valuing the company at nearly $5bn, as the software-focused buyout firm moves to create a shipping technology group worth up to $12bn, Bloomberg...