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
BlueFive targets $3bn fund to tap booming Middle East defence market
BlueFive targets $3bn fund to tap booming Middle East defence market BlueFive Capital is planning to raise $3bn for a new defence-focused private equity fund, as the firm seeks to capitalise on rising military expenditure across the Middle East, according to...
EQT restarts $1bn sale of Ginko China unit after Advent exit
EQT restarts $1bn sale of Ginko China unit after Advent exit EQT has restarted the sale process for the China business of contact lens maker Ginko, targeting a valuation of at least $1bn, Reuters reports. The renewed process follows a failed sale to Advent...
Jane Street, Situational Awareness target $18bn Fluidstack valuation in $1bn raise
Jane Street, Situational Awareness target $18bn Fluidstack valuation in $1bn raise Jane Street and Situational Awareness are in talks to co-lead a $1bn funding round for Fluidstack, valuing the cloud infrastructure company at approximately $18bn, according to...