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
GIC eyes record $10bn exit with Brookfield bid for Yes! Communities
GIC eyes record $10bn exit with Brookfield bid for Yes! Communities GIC is in advanced discussions to sell its stake in Yes! Communities to Brookfield Asset Management in a deal that could value the US manufactured housing operator at more than $10bn, according to...
Blackstone to inject £100bn into UK over next decade following Downing Street talks
Blackstone to inject £100bn into UK over next decade following Downing Street talks Blackstone is preparing to commit £100bn ($129bn) to UK investments over the next decade, in one of the largest private equity pledges ever made in the market, SkyNews reports. The...
EQT launches ELTIF evergreen fund to expand retail access to private equity
EQT launches ELTIF evergreen fund to expand retail access to private equity EQT has expanded its evergreen platform with the launch of the EQT Nexus ELTIF Private Equity fund, a new vehicle designed to give individual investors across the EU and EEA access to private...