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
Apax Partners to Acquire Bubblegum maker Bazooka for $700m
Private equity firm Apax Partners has agreed to buy Bazooka Candy Brands for around $700m, as first reported by the WSJ. This is a pretty sweet salvage job by the sellers, Madison Dearborn Partners and former Disney CEO Michael Eisner. Madison Dearborn and Torante in...
EY rejects TPG plan to break up Big Four firm
EY is being offered yet another chance to break itself up. On Monday, the Financial Times reported that private equity firm TPG had approached EY about buying a stake in its consulting arm. The approach came just four months after the audit giant cancelled a plan to...
Bridgepoint, CVC Capital Partners and KKR All in the Running for a 25% Stake in the Bundesliga International Broadcast Rights Valued at $2.2bn
The German Football League (DFL) is prepared to revive private equity investment talks as the organisation continues to explore growth opportunities for the Bundesliga The DFL’s long-running private equity saga initially began in 2021, with Bridgepoint, CVC Capital...