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
Preservation Capital Partners to acquire minority stake in BPL, adding to insurance portfolio
Preservation Capital Partners to acquire minority stake in BPL, adding to insurance portfolio Preservation Capital Partners is acquiring a minority stake in BPL in a deal expected to close in Q4, marking the end of BPL’s status as a fully employee-owned firm.The...
Clearlake Capital to acquire Dun & Bradstreet in $7.7bn take-private deal
Clearlake Capital to acquire Dun & Bradstreet in $7.7bn take-private deal Clearlake Capital agreed to acquire Dun & Bradstreet in a take-private transaction valued at $7.7bn, further expanding its presence in the data analytics and enterprise services space.The...
Oakley Capital closes Fund VI at €4.5bn hard cap following strong global demand
Oakley Capital closes Fund VI at €4.5bn hard cap following strong global demand Oakley Capital announced the final close of its latest private equity vehicle, Oakley Capital Fund VI, at its €4.5bn hard cap.Launched in September 2024, the fund reached its target in...