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
Top private equity news of the week
Top private equity news of the week Garnett Station Partners (GSP), a New York-based principal investment firm, closed its latest private equity fund, GSP 5.0, at $1.2bn. The oversubscribed fund, which hit its hard cap in just four months, brings the firm’s total...
J.F. Lehman & Company sells Global Marine Group to Keppel Infrastructure Fund
J.F. Lehman & Company sells Global Marine Group to Keppel Infrastructure Fund Norwegian oil and gas company J.F. Lehman & Company sold Global Marine Group to Keppel Infrastructure Fund, marking a strategic exit for the private equity firm. The financial terms...
CalSTRS private equity portfolio delivers 8.9% return, outpacing benchmark
CalSTRS private equity portfolio delivers 8.9% return, outpacing benchmark The California State Teachers’ Retirement System (CalSTRS) posted a 7.7% net return for 2024, beating its 7% benchmark, according to an investment report released ahead of its March 12...