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
TPG and Sanabil drive $157m raise for Hala, valuing fintech at $900m
TPG and Sanabil drive $157m raise for Hala, valuing fintech at $900m TPG and Sanabil, part of Saudi Arabia’s sovereign wealth fund, have led a $157m funding round for Saudi fintech Hala, valuing the company at roughly $900m, according to Bloomberg. The round included...
Asterion closes €3.4bn infrastructure fund above target, raises €3.65bn with co-investments
Asterion closes €3.4bn infrastructure fund above target, raises €3.65bn with co-investments Asterion Industrial Partners has completed the final close of its third infrastructure fund at €3.4bn, surpassing its €3.2bn target. Including co-investment commitments, the...
Apollo and Silver Point drive $900m private credit deal for H.I.G.’s Vantage
Apollo and Silver Point drive $900m private credit deal for H.I.G.’s Vantage Apollo Global Management and Silver Point Capital have led a $900m direct loan to Vantage Specialty Chemicals, marking another shift from bank-arranged financing into the private credit...