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
CPP Investments Renews C$200m Partnership with Northleaf for Canadian Private Equity
Canada Pension Plan Investment Board and Northleaf Capital Partners today announced that CPP Investments has extended its longstanding private equity investment partnership with Northleaf. CPP Investments has committed C$200m to the Canadian private equity market...
Mubadala Capital, Alpha Wave Global and Chimera Capital Invest $360m in Aman Group
Swiss hospitality company Aman Group has secured $360m from a consortium, including Mubadala Capital, the asset management subsidiary of Abu Dhabi’s Mubadala Investment Company, and Alpha Wave Ventures, a private equity growth fund co-managed by Alpha Wave Global and...
Apollo Eyeing IGT Gaming Unit in $4-5bn Deal
Private equity giant Apollo Global Management is among the potential suitors seeking to acquire International Game Technology's global gaming division, Bloomberg News reported on Wednesday. IGT's gaming unit could fetch $4bn to $5bn in a sale, including debt, the...