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
Ares raises $20bn in Q1 as private credit inflows drive AUM to $546bn
Ares raises $20bn in Q1 as private credit inflows drive AUM to $546bn Ares Management has raised more than $20bn in the first quarter of 2025, setting a new fundraising record for the firm and pushing total assets under management to nearly $546bn — a 27% increase...
Lone Star-backed Novo Banco targets IPO in 2025 despite market headwinds
Lone Star-backed Novo Banco targets IPO in 2025 despite market headwinds Novo Banco, majority-owned by US private equity firm Lone Star, is pressing ahead with plans for an initial public offering, aiming for a listing window in either June or September, according to...
Citi returns to $900bn subscription line market in private capital reset
Citi returns to $900bn subscription line market in private capital reset Citigroup is reigniting its private equity lending business with a renewed focus on the $900bn subscription line market, marking a strategic comeback in one of the fastest-growing segments of...