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
Goldman’s Edouard Panié joins Lazard to strengthen private equity advisory in Europe
Goldman’s Edouard Panié joins Lazard to strengthen private equity advisory in Europe Lazard has named Edouard Panié as Managing Director and Co-Head of European Financial Sponsors Coverage, reinforcing its strategic advisory capabilities for private equity and...
Apollo and Delta-backed Aeroméxico charts return to markets with $2.9bn IPO
Apollo and Delta-backed Aeroméxico charts return to markets with $2.9bn IPO Grupo Aeroméxico, the flagship Mexican airline backed by Apollo Global Management and Delta Air Lines, is targeting a valuation of up to $2.9bn in its U.S. initial public offering as it...
Blackstone and TPG poised for $17bn move on Hologic amid healthcare deal surge
Blackstone and TPG poised for $17bn move on Hologic amid healthcare deal surge Blackstone and TPG are in advanced negotiations to acquire Hologic, a leading U.S. medical device and diagnostics company, in a deal expected to value the firm at more than $17bn including...