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
Ardian set to become first European buyout firm with Kuwait presence
Ardian set to become first European buyout firm with Kuwait presence Ardian is preparing to open an office in Kuwait, positioning itself to deepen ties with local investors as the Gulf state accelerates its return to private equity allocations, according to Bloomberg...
SpaceX IPO hype builds as investors predict $1tn valuation and unprecedented demand
SpaceX IPO hype builds as investors predict $1tn valuation and unprecedented demand SpaceX’s potential IPO is drawing intense interest from investors who believe the company could pursue one of the largest and most volatile market debuts in history, with expectations...
EQT partners with 1X to roll out up to 10,000 humanoid robots across global portfolio
EQT partners with 1X to roll out up to 10,000 humanoid robots across global portfolio EQT has partnered with US robotics company 1X to make as many as 10,000 humanoid robots available to its global portfolio, marking one of the most ambitious private equity–backed...