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
Trump approves $14bn TikTok US spin-off with Oracle, Silver Lake, and KKR as investors
Trump approves $14bn TikTok US spin-off with Oracle, Silver Lake, and KKR as investors President Donald Trump has signed an executive order approving the creation of a $14bn US-based TikTok entity, bringing in major investors including Oracle, Silver Lake, and...
Patriots score $9bn valuation as Sixth Street and Metropoulos acquire 8% stake
Patriots score $9bn valuation as Sixth Street and Metropoulos acquire 8% stake Robert Kraft has agreed to sell an 8% stake in the New England Patriots to Sixth Street Capital and billionaire Dean Metropoulos, in a deal that values the NFL franchise at more than $9bn,...
Irenic pushes for private equity takeover of Upper Crust owner SSP Group
Irenic pushes for private equity takeover of Upper Crust owner SSP Group Activist hedge fund Irenic Capital Management is pushing private equity firms to consider a takeover of London-listed SSP Group after raising its stake in the food-to-go operator to around 3%,...