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
Everstone Plans to Raise $1bn for Its Largest Asia PE Fund
(Bloomberg) -- Everstone Capital Asia Pte is seeking $1 billion for its latest private equity fund for India and Southeast Asia, according to people familiar with the matter. The Singapore-based firm that invests largely in India, has begun sounding out investors...
CDPQ Said to Explore Sale of $2bn in Private Equity Stakes
(Bloomberg) -- Caisse de Depot et Placement du Quebec is exploring the sale of as much as $2 billion of private equity assets in the secondary market to free up cash for other investments, according to people familiar with the matter. Canada’s second-largest pension...
Granite Creek Capital closes oversubscribed fund at $300m
Granite Creek Capital Partners (Granite Creek), a private investment firm based in Chicago, has held the oversubscribed closing of its third investment fund, Granite Creek FlexCap III, a $300m vehicle focused on providing flexible capital to growing lower middle...