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
Brookfield poised to secure $10bn Colonial Pipeline deal in major energy shake-up
Brookfield poised to secure $10bn Colonial Pipeline deal in major energy shake-up Brookfield Asset Management is leading the race to acquire Colonial Pipeline Co. in a deal that could exceed $10bn, including debt. Sources familiar with the matter indicate that...
Blackstone seizes full control of £2bn railway arch giant in landmark deal
Blackstone seizes full control of £2bn railway arch giant in landmark deal Blackstone has acquired full ownership of the Arch Company after purchasing TT Group’s 50% stake, consolidating control over one of the UK’s largest railway arch rental businesses. Blackstone...
Elon Musk’s X secures nearly $1bn in equity at $32bn valuation
Elon Musk’s X secures nearly $1bn in equity at $32bn valuation Elon Musk’s social media platform, X, has raised close to $1bn in new equity funding, keeping the company’s valuation steady at $32bn—the same as when Musk took it private in 2022. According to sources,...