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
BlackRock and Hollyport back Silver Oak’s recapitalization of Smile Partners
Silver Oak Services Partners secured a strategic investment for Smile Partners USA through a new continuation fund, with backing from BlackRock Secondaries & Liquidity Solutions and Hollyport Capital. The recapitalization enables Silver Oak to maintain its...
Piraeus eyes private equity-backed National Insurance acquisition in strategic move to boost fee revenue
Piraeus Financial Holdings is in talks to acquire National Insurance from private equity firm CVC Capital Partners, aiming to expand its fee-based revenue. CEO Christos Megalou confirmed the discussions during a press conference, highlighting that the acquisition...
Update: KKR raises offer for Fuji Soft, outbidding Bain in $2bn takeover battle
KKR has increased its bid for Japanese IT firm Fuji Soft to JPY9,850 per share, surpassing Bain Capital’s latest offer in an escalating $2bn takeover contest. Bain had recently raised its bid to JPY9,600 per share, but KKR’s latest move represents a more than 4%...